A.S.F. KILLED HOGS IN BULACAN, RIZAL–D.A. By Samuel P. Medenilla @sam_medenilla
& Claudeth Mocon-Ciriaco Correspondent
T
HE Department of Health (DOH) on Monday said local pork is safe for human consumption after the Department of Agriculture (DA) confirmed that the dreaded African swine fever (ASF) killed hundreds of pigs in Bulacan and Rizal. Agriculture Secretary William D. Dar told reporters in a press briefing that out of the 20 blood samples taken from infected hogs which were sent to the United Kingdom for testing, 14 came up positive for ASF. Dar said the government is still verifying if the ASF strain which struck local hog
AGRICULTURE Secretary William Dar eats a piece of bacon at Monday morning’s pork-eating ritual by agriculture officials to prove that pork and pork-based products are safe to eat. NONOY LACZA
farmers is similar to that, which decimated hog populations in Vietnam and China. The DA conducted the tests after it received reports last month that an animal disease, which it did not initially identify, is killing hogs in Bulacan and Rizal. Following the national laboratory’s release of results, the DA launched quarantine and depopulation measures in the two provinces. Dar said depopulation resulted in the death of 7,400 pigs. As of September 9, Dar said the DA has not received reports of additional hog deaths in Bulacan and Rizal. However, the agriculture chief said quarantine and monitoring protocols will remain in place for now to protect hog farms in other parts of the country.
Dar said the government extended cash and livelihood assistance to affected hog raisers. “[Government] gave a cash assistance of P3,000 per head [of pig].”
DOH advice
THE DOH urged the public to cook pork properly and to avoid eating half-cooked meat. “We want to allay the fears of the public by saying, as long as pork is bought from reliable sources and is cooked thoroughly, pork is safe to eat,” Health Secretary Francisco T. Duque III said. Duque also said the public should make sure that the pork has been checked by the National Meat Inspection Service (NMIS), a regulatory agency under the DA. See “ASF,” A2
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
A broader look at today’s business
www.businessmirror.com.ph
n
Tuesday, September 10, 2019 Vol. 14 No. 335
House hastens vote on Citira, 2 tax bills
T
By Jovee Marie N. dela Cruz
@joveemarie
HE remaining three packages of the Comprehensive Tax Reform Program (CTRP) are now inching their way to becoming laws as the House of Representatives prioritized their swift approval on Monday.
Voting 186 affirmative, six negative and two abstentions, lawmakers passed on third and final reading the proposed Passive Income and Financial Intermediary Taxation Reform Act (Pifita), or House
Bill 304 to rationalize the taxation of the financial sector so that it becomes simpler, fairer, more efficient and regionally competitive. The bill will now be transmitted to the Senate.
The measure, known as Package 4 of the CTRP, reviews the taxes imposed on financial intermediaries and the products they offer: on savings and investments; and debt and equity instruments.
₧4.2B
Estimated revenue from Package 4 of the CTRP or Pifita, rationalizing taxation of the financial sector Under the bill, interests, dividends and capital gains will be levied with a unified income tax rate of 15 percent. It also unifies and lowers the tax rates on interest income and will benefit 75 percent of deposit account holders who are mostly small savers, correcting the inequitable distribution of the tax burden. Continued on A2
P25.00 nationwide | 4 sections 32 pages | 7 DAYS A WEEK
YACOB VISIT: PHL, SG SIGN 8 AGREEMENTS By Bernadette D. Nicolas @BNicolasBM
T
HE Philippines and Singapore signed on Monday eight bilateral agreements on infrastructure development, water resource management and microgrid technology for costefficient supply of electricity to rural areas, education, and education cooperation in preparation for the fourth industrial revolution, among others. President Duterte and Singaporean President Halimah Yacob witnessed the signing of the memoranda of understanding (MOU) in Malacañang. Yacob, the first female Singaporean President, arrived in the country last Saturday for a five-day state visit until September 12. Her visit caps the observance of the 50th anniversary of the establishment of diplomatic relations between the Philippines and Singapore. “The economic ties between
House panel approves ₧4.1-trillion national budget bill for 2020
T
HE House Committee on Appropriations approved on Monday the committee report on the P4.1-trillion General Appropriations Bill. House Bill 4228, which seeks to appropriate funds for the operation of the government of the Republic of the Philippines from January 1 to December 31, 2020, will now be transmitted to the plenary for deliberations. House Committee on Appropriations Chairman Isidro Ungab said GAB is a “faithful” copy of the National Expenditure Program submitted by the Palace. According to Ungab, no changes or amendments have been made in the NEP. Ungab said the panel completed in “record time” the hearings on the 2020 budget proposals of all government departments, agencies and offices. For his part, House Committee on Appropriations Senior Vice Chairman Joey Salceda said the budget bill reflects the national goals—particularly for providing a safe and comfortable life for all, becoming an upper middle-income country by 2022, and securing an “A” credit rating by 2022. “We want to approve a budget that really serves our people, serves our constituencies, and of course,
PESO EXCHANGE RATES n
reflects the values of our country,” Salceda added. Ungab said the sponsorship and start of floor deliberations on HB 4228 are scheduled on Tuesday. He added that the House is sticking to its original target date to pass the proposed national budget, which is before the October 4 recess. The 2020 budget of P4.1 trillion, which is cash-based, is 11.8 percent more than the 2019 budget and will constitute 19.4 percent of the country’s gross domestic product. Social services will receive the largest chunk of the budget with P1.5 trillion or a 37.2-percent share, followed by economic services, which will receive P1.18 trillion or a 28.9-percent share. Meanwhile, the general public services will receive P734.5 billion; debt burden P451 billion; and defense P195.6 billion.
Fiscal deficit
IN the 2020 national budget, the government maintains a manageable deficit of 3.2 percent of GDP to enable a declining debt burden. For next year, the government will sustain the momentum of rising revenue collection by pursuing the Comprehensive Tax Reform Program (CTRP). See “Budget,” A8
our two countries are strong and robust but President Duterte and I agreed that we can do even more together. There is room to further boost trade and investment flows,” Yacob said in her joint press conference statement. Further, she said they both hope to make progress on updating the Singapore-Philippines Avoidance of Double Taxation Agreement and the expansion of the bilateral Air Transport Agreement, which will increase connectivity and create more opportunities for collaboration and growth. For his part, Duterte said in a statement that the two countries also talked about boosting defense and security ties, as well as trade and investment links. “We talked about deepening our cooperation in defense and security, which includes strengthening defense dialogues and training exchanges between the military and special forces,” he said. See “Yacob,” A2
DOF courts Singaporean investors By Cai U. Ordinario
T
privatizing DFPC, which Romulo Puyat earlier disclosed to this paper. (See, “DOT chief: Duty Free firm’s privatization possible,” in the BusinessMirror, September 5, 2019.) Boncato mentioned that Section 90 of Republic Act 9593 (Tourism Act of 2009) states “the DFPC shall operate without prejudice to any privatization in the future, subject to existing laws on privatization and procedures on public bidding.”
HE Philippines deserves a second look from Singaporean investors because of the Duterte administration’s infrastructure push via the “Build, Build, Build” (BBB) program, according to the Department of Finance (DOF). Finance Secretary Carlos Dominguez III said the BBB program helps create jobs and shields the country’s economy from the trade conflict between the United States and China and other risks to GDP growth. The BBB program also boosts efforts that aim to improve the business climate in the Philippines. Infrastructure modernization would lead to improved doing-business processes. “Private sector participation is not only in our country’s BBB program, but also in investments that would open up as a result of our infrastructure modernization, and we think that the Singaporean investors should take a close look at that,” Dominguez said in a statement. “Even as the global economic outlook deteriorates further, we are confident that the economic stimulus provided by our infrastructure program will continue to create new jobs and be very beneficial for businesses in the sense that it will lower your logistics costs in the Philippines,” he added.
See “DFPC,” A2
See “DOF,” A2
SINGAPORE’S President Halimah Yacob (left) and President Duterte shake hands following the signing of the official Palace Guest Book on Monday, September 9, 2019, at Malacañang in Manila. Yacob is on a five-day state visit that aims to strengthen ties between the two Southeast Asian neighbors. AP/BULLIT MARQUEZ
DOT considers other options to raise DFPC profit By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
T
HE Department of Tourism (DOT) is exhausting all means to increase the profitability of the Duty Free Philippines Corp. (DFPC), as it also studies the possibility of franchising the latter’s retail stores. DOT Undersecretary for Tourism Regulation, Coordination, and Re-
source Generation Arturo P. Boncato Jr. told the BusinessMirror, a“joint technical working group [TWG] ” has been created to study the feasibility of franchising the operations of DFPC. This was upon instruction by Tourism Secretary Bernadette Romulo Puyat via Department Order 2019-74 issued in July. The board of DFPC, a government-owned and -controlled corporation, is chaired by the DOT chief. This also includes the possibility of
@caiordinario
US 51.9590 n JAPAN 0.4864 n UK 63.7797 n HK 6.6276 n CHINA 7.3027 n SINGAPORE 37.6187 n AUSTRALIA 35.5452 n EU 57.3004 n SAUDI ARABIA 13.8521
Source: BSP (9 September 2019 )
News
BusinessMirror
A2 Tuesday, September 10, 2019
DA expands surveillance to areas with sick hogs
T
By Samuel P. Medenilla
quarantine zone and surveillance zone within the 1-kilometer, 7-km and 10-km radius of the suspected infected farm. The government culled a total of 7,416 hogs were ASF cases were confirmed. “Our latest feedback from the ground, particularly from the affected areas, is that there are no more new [outbreaks]. These areas tested negative for the swine disease,” Dar said. He attributed this to the “orchestrated management” of the disease by concerned government agencies and the private sector. Bureau of Animal Industry (BAI) officer-in-charge (OIC) Director Ronnie Domingo said it will still take at least another month before hog raising could resume in the depopulated areas. Dar said ASF usually lives for 19 days. “Since it is has been raining recently, the virus may survive longer due to the cool environment,” Domingo said.
@sam_medenilla
HE Department of Agriculture (DA) on Monday said it is currently monitoring other areas aside from those with confirmed cases of the dreaded African swine fever (ASF). Agriculture Secretary William D. Dar said areas with confirmed ASF cases are the following barangays in Rodriguez, San Isidro, San Jose, San Rafael, Macabud and Mascap, Rizal. Dar said ASF cases were also found in Cupang, Antipolo and Guiguinto, Bulacan. The agriculture chief said the DA also got reports of hogs getting sick in other areas, which he refused to identify. “[Government] has to be very honest always. There are incident reports in [other] areas, but again, as what we have done for Rizal and Guiguinto, please let [government] do its work first,” Dar told reporters in a press briefing in Quezon City. He said the ASF may have spread from Rodriguez, Rizal to other areas through the infected swill taken from the dumpsite which was then
GCTA. . .
Continued from A8
An exasperated Lacson, confronting Senior Inspector Roy Vivo, warned that sanctions can be imposed on evasive witnesses, when Vivo was asked about prisoners’ access to “contraband cellphones”smuggled into prison cells. “We are strict on cellphones with help from SAF,” Vivo claimed, referring to the Special Action Force augmenting prison guards. “If you don’t stop lying we will bombard you with questions,” warned Lacson, as he lamented that with “each hearing we are being lied to.” Noting that some PNP witnesses appear to be afflicted by sudden amnesia, the former PNP chief turned senator at one point rued that “even basic information can’t be recalled by the witnesses” who were first made to swear to tell the truth before questioning by senators.
Ailments faked AT the same time, Sen. Christopher
DOF. . .
fed to backyard-raised hogs. The DA also said it is looking into the transport of some hogs from areas under quarantine to other parts of the country. Dar said the ASF virus may have been introduced in local farms via waste from hotels and restaurants, smuggled meat, and by overseas Filipino workers who bought pork products from ASFaffected countries.
Protocols
Government aid
THE agriculture chief stressed, however, that the outbreak of ASF has not reached epidemic proportions. “[The government] is responding to an increased number of deaths of pigs. The ‘1-7-10’ protocol is now in place, even in the new areas that I mentioned,” Dar said. Under the “1-7-10” principle, authorities will put up a control zone,
DAR said the DA’s indemnity to hog raisers affected by depopulation amounted to P3,000 per head. While this is below the market value of live hogs, he said the local government could still give additional cash assistance to affected farmers. Dar said the DA will also provide affected hog raisers with piglets
Yacob. . .
“Bong” Go observed that prisoners were known to be faking ailment to get a hospital pass, citing reports this was being abused by prison officials “for money.” Justice Secretary Menardo Guevarra, in turn, assured senators that the Department of Justice (DOJ) will promptly enforce prison reforms, vowing immediate action on findings of the Senate investigating committees. For his part, Senate President Sotto confirmed readiness to issue subpoena duces tecum to obtain relevant documents that will help the senators craft remedial legislation. “Gusto natin makumpleto talaga ito, kasi ano ba gagawin natin, ganun na lang? Di ba from top to bottom may allegation, talagang [We really want to complete this, because, what, do we just leave this hanging? Isn’t there an allegation of irregularity from top to bottom, so we really] have to solve this once and for all; amend the IRR or ask the DOJ to change the IRR, or come up with a new law that cannot be abused,” said Sen. Richard Gordon, blue ribbon chairman.
Continued from A1
This was part of the address of Dominguez to the visiting delegation from the Singapore Business Federation (SBF) at the DOF on Monday. Led by its chairman, Teo Siong Seng, the SBF met with Dominguez and other DOF officials to know more about the business climate in the country and explore investment opportunities here. The SBF represents 25,800 companies based in Singapore. The Duterte administration, through the BBB, Dominguez said, “delivered in the field.” Under the ambitious infrastructure program, the country increased spending on infrastructure from a mere 2.5 percent of the country’s GDP in the last 50 years, to 5 percent of GDP in 2018. Dominguez also said the Philippines expects to hit upper middle-income country status next year on the back of stable macroeconomic fundamentals and “game-changing” reforms such as the Tax Reform for Acceleration and Inclusion (TRAIN) law, which allowed the Philippines not only to support its “Build, Build, Build” program but also to ramp up spending on human capital. Another key advantage which Dominguez said makes him “even more confident" of the economy’s stable outlook, is the country's young and well-educated workforce with a median age of 24 years old. This is in sharp contrast to the aging populations of the region’s more mature industrialized countries and some Asean economies. Singapore can team up with the Philippines as“demographic partners”so they complement each other’s economic strengths, Dominguez said. The recent upgrade of the country’s credit rating and other developments in the economic front make the Philippines a“prime”investment destination, he added. Dominguez cited the sufficient gross international reserves (GIR) at over $86 billion. The enactment of the rice trade liberalization law, he said, will keep rice prices down.
Continued from A1
The Chief Executive also sought Yacob’s support as they encourage further Singaporean participation in priority investment areas and boost cooperation in agriculture, education and training, science and technology, tourism and cultural exch anges. “We will forge ahead and bring our ties to even greater heights of [purposive] cooperation and friendship between the Philippines and Singapore,” he said. On Tuesday, the Singaporean leader, who is also the first Malay head of state in 47 years, is slated to grace a luncheon with the Philippines-Singapore Business Council. She will also fly to Davao City where she will be received by Mayor Sara Duterte. She will visit the Philippine Eagle Center and hold a dialogue with Mindanao youth. The list of signed agreements between Philippines and Singapore include: ■ Memorandum of Understanding (MOU) between the Department of Education and Temasek Foundation International and Nanyang Polytechnic International Programme on Innovations and Teaching and Learning of
CCT. . .
Continued from A8
The PhilSys provides for a national identification system that seeks to unify all government IDs into one. It will provide identification to both citizens and resident aliens of the country to facilitate public and private transactions. The National ID, Pernia said, will also modernize social protection in the country, particularly the CCTs. However, he said, efforts to regularly update the Listahanan has been ongoing to prevent any leakages.
Other initiatives
APART from the CCTs, Pernia said the government has created various social protection and human capital development
ASF. . .
Continued from A1
The World Health Organization (WHO) said the ASF is a highly-contagious hemorrhagic hog disease caused by the DNA virus of the Asfarviridae family. The virus causes loss of appetite, high fever, hemorrhages and death among pigs in 2 to 10 days. “ASF is not a threat to human health,” Duque stressed, as he encouraged the public to support measures rolled out by the DA.
DA’s competence
MALACAÑANG also allayed fears over the consumption of pork products following the DA’s confirmation that it was ASF that struck hog farms in Bulacan and Rizal.
once the areas have been declared negative for ASF and the sentinel animal survives. Domingo said a sentinel animal will tell the government if the virus is still present in an area. “If the sentinel animal becomes sick after one month, that means the disease is still there.” Dar said the DA initially spent P25 million to control the spread of ASF in Bulacan, Antipolo and Rizal. He said the DA was given an additional P82 million to implement quarantine measures and other interventions.
Impact on trade
FOLLOWING the confirmation of the presence of ASF in the Philippines, the DA said other countries may ban the importation of local pork. “If a county says it will no longer accept [pork products] from the Philippines, then we cannot do nothing about it,” Domingo said. The BAI chief said, however, that these countries may still be convinced to accept local pork products if it deems government efforts to contain ASF sufficient. “This is the reason [government] documented laboratory testing [from the United Kingdom] and [ASF] surveillance in the regions,” Domingo added. The Philippines is not a net meatexporting country, according to the BAI chief. STEM (Science, Technology, Engineering and Mathematics) with Design Thinking ■ MOU between the Department of Agriculture and Enterprise Singapore on Agricultural Cooperation and Related Activities ■ MOU between Department of Trade and Industry of the Republic of the Philippines, the Technical Education and Skills Development Authority of the Republic of the Philippines, and Skills Future Singapore Agency of the Republic of Singapore on cooperation on human capital development and rescaling and skills upgrading of workforce. ■ MOU between the Development Bank of the Philippines and Infrastructure Asia Singapore on knowledge sharing to support infrastructure development ■ MOU between Metropolitan Waterworks and Sewerage System and Public Utilities Board ■ MOU between the National Commission for Culture and the Arts of the Republic of the Philippines and Ministry of Culture, Community, andYouth of the Republic of Singapore on Cultural Cooperation ■ MOU between Infrastructure Asia and Public-Private Partnership Center on assisting Philippine local implementing agencies with the development or implementation of PPP projects.
initiatives in the last decade. These include the provision of Philhealth insurance coverage for all Pantawid beneficiaries in 2012 and all senior citizens in 2014, and the adoption of the revised social protection operational framework in 2019 to account for climate change and disaster risk reduction and management strategies, and highlight the programs’ fiscal sustainability. The government also passed the expanded maternity leave and the Social Security Act with an unemployment insurance to cushion the impact of involuntary separation from work in February 2019, Pernia noted. Still, he said, a “considerable number of Filipinos [live] below the poverty line,” adding that, “We must continue to work together to help the poor and the vulnerable become self-sufficient and self-reliant.”
“I think there is no need to worry considering that DA secretary has not cautioned us to avoid [pork]. There is no directive yet,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo in a Palace briefing. The Palace also expressed confidence that the agriculture secretary will be able to handle the situation “very well” especially since the confirmation of ASF comes a few months before the Christmas season. “Just like any other sudden foreign disease that affects the swine industry, the DA will undertake the measures necessary to secure the public for the safety. That’s SOP [standard operating procedure],” he said. “As I said, the DA will take care of that. I am sure the DA secretary is competent enough to handle the problem,” he added. With a report by Bernadette D. Nicolas
www.businessmirror.com.ph
House hastens vote on Citira, 2 tax bills Continued from A1
Meanwhile, income from assets which only the rich have access to, such as long-term deposits, Foreign Currency Deposit Units, and dividends from stocks, are subject to lower rates from zero to 15 percent. The Pifita aims to generally harmonize all of these rates to a uniform 15 percent. This will improve the equity of the tax system. This bill makes insurance products more affordable by lowering the tax on insurance. It will fix the unequal treatment for insurance products with similar nature such as life, health, HMO, preneed and pension, and lower the documentary stamp taxes (DSTs) on nonlife insurance. Under the measure, tax on savings will go down from 20 percent to 15 percent. Meanwhile, the rich who invest in dividends will pay 5 percent more in taxes. The bill seeks to reduce the current unique number of tax rates and bases from the current 80 to 36. House Committee on Ways and Means Chairman Joey Salceda said the bill will give the government P4.2 billion in revenues.
Package 2
ALSO on Monday, the House approved on second reading Package 2 of the CTRP or the proposed Corporate Income Tax and Incentive Rationalization Act (Citira). Through viva voce voting, members of the lower chamber approved House Bill 4157, which amends sections of Republic Act 8424 or the National Internal Revenue Code of 1997. The bill will be approved on third and final reading on Thursday. Under the bill, investments in Metro Manila will now enjoy Income Tax Holiday (ITH) for three years and additional incentives for two years. Those in areas adjacent to Metro Manila, on the other hand, will have four years of tax break and three years of exemptions. The measure gives investors who will situate outside of Metro Manila six years of ITH and four years of additional tax perks. It also removes the perpetual 5 percent on gross income earned (GIE). Under the bill, it will strive to encourage investors and locators to reapply after the five-year or seven-year period, to qualify for another five years of incentives. The bill provides for the removal of not only preferential tax rate of certain corporate taxpayers but also the option for corporations, including resident foreign corporations, to avail themselves of the 15-percent gross income tax. Meanwhile, the Home Development Mutual Fund shall be exempted from income
DFPC. . .
Continued from A1
In an email, Boncato said these efforts are “all in line with the DOT’s current efforts to direct the DFPC towards more sustainable and gainful operations and business growth.” He said executives of both DOT and DFPC are members of the TWG. “The TWG’s main deliverable is a roadmap towards franchising. We have been instructed to have a framework for this roadmap by the end of September 2019.” Under Chapter 6, Section 90 of RA 9593’s Implementing Rules and Regulations, “DFPC shall have the exclusive authority to operate or franchise out stores and shops that would sell, among others, duty- and tax-free merchandise, goods and articles, in and within the vicinity of international ports of entry, [tourism enterprise zones],” and other areas as may be identified by the DFPC Board, the DOT official said. RA 9593, or the Tourism Act of 2009, reorganized the DFPC, making it a separate entity. It was previously under the Philippine Tourism Authority (now the Tourism Infrastructure and Enterprise Zone Authority). Under the same law, 50 percent of DFPC’s income is remitted to the DOT, of which 75 percent goes to the tourism promotions fund. The Commission on Audit (COA) took the DFPC to task for financial irregularities and missteps that resulted in possible opportunity losses. In the latest report issued in June,
taxation given that the Social Security System (SSS), Philippine Health Insurance Corporation (PHIC), and Government Service Insurance System (GSIS) are already exempted. The bill grants the President the power to grant incentives if the project has a comprehensive sustainable development plan and will bring in at least $200 million. Also, the measure allows enterprises presently availing of incentives to enjoy the same for two years after its effectivity. Thereafter, they can reapply for incentives under the Strategic Investments Priority Plan (SIPP). Those enjoying the ITH are further permitted to enjoy this for the remaining period or for five years, whichever comes first. Under the bill, the Fiscal Incentives Review Board will be chaired by the Department of Finance and will have the power to approve the grant of incentives to proposals from investment promotion agencies. HB 4157 also appropriates a P15-billion structural adjustment fund for infrastructure projects of ecozones and freeports, to be used for research and development, utilities and lease. The bill appropriates a structural adjustment fund for displaced workers; P500 million for targeted cash grants and other support programs for displaced workers; P500 million for targeted training for displaced workers and P5 billion for the skills upgrade program of the IT-BPO. The measure seeks to encourage investments by bringing down the corporate income tax (CIT) rate from 30 percent to 20 percent and modernize investment tax incentives to enhance fairness, improve competitiveness, plug tax leakages and attain fiscal sustainability. The measure proposes to bring down the CIT by 2 percentage points starting 2021.
Package 3
MEANWHILE, the House Committee on Appropriations on Monday approved the funding provision of the bill reforming real property valuation or Package 3 of the CTRP. House Bill 305 seeks P58 million for the establishment of a Real Property Valuation Service within the Bureau of Local Government Finance (BLGF) for 2020. The bill institutes reforms in real property valuation and assessment in the country and reorganizes the BLGF. It seeks to grant each LGU the power to create its own sources of revenue and to levy taxes, fees and charges. The bill will be transmitted to the plenary for another round of approval. COA noted that DFPC did not submit its financial statements and books for calendar year 2018, a failure it traced to the delay in the rollout of its new accounting system and lack of qualified personnel to handle it. State auditors recommended that DFPC determine if the Bids and Awards Committee could be held liable for the delay in procurement of the P37.85million ERS-Ms Dynamic AX Solutions accounting system “and hold them accountable.” COA said DFPC “could have saved on preoccupancy rent expenses amounting to P144.305 million and other related costs had it properly/judiciously planned its project of opening a Duty Free store outlets (sic) at the Ninoy Aquino International Airport (Naia) Terminal 3 before entering into a Lease Concession Contract with the Manila International Airport Authority…” DFPC leased mall space at the Naia 3 in November 2014, but the store opened only in June 2018. State auditors said DFPC also failed to submit 405 disbursement vouchers worth P852.325 million and 1,135 disbursement vouchers worth $62.162 million for post audit. Last year, state auditors found DFPC didn’t record in its 2017 books P346,446.80 in merchandise that were withdrawn through gate pass slips and delivered to the DOT. The COA also found that DFPC released some P3.36 million worth of goods— signature bags and shoes, inverter refrigerators, LED television sets, coffee machines, etc.—as corporate giveaways.
The Nation BusinessMirror
www.businessmirror.com.ph
From ‘fat’ to ‘obese’: AdMU dean cites evolution of political dynasties By Cai U. Ordinario @caiordinario
‘F
AT” political dynasties have turned ‘”obese” after the 2019 midterm elections, according to the dean of the Ateneo de Manila University (AdMU) School of Government. In a news statement, AdMU School of Government dean Ronald Mendoza said the share of fat dynasties increased to 29 percent in 2019, from 19 percent of all local elected officials in 1988. This means the share of dynasties grew by 1 percent, or about 170 positions every election period. Mendoza released his statement a day before a public hearing on the Anti-Political Dynasty Act in the Senate. “Following the 2019 midterm elections, our data on local government leaders show that fat dynasties continued to expand—and many became obese,” he added. “Give a chance to others. Our democracy is not a family business.” Mendoza said political dynasties are defined as “a family that has successfully retained political power by maintaining control over one or several elective positions over successive generations.” He added dynasties can be thin or fat. Thin dynasties are created when families have members that follow each other in elected positions over time. Fat dynasties, Mendoza said, are families that have members that simultaneously occupy elective positions. Mendoza said these fat dynas-
ties are pervasive in the “poorest provinces in the country” with low levels of human development, bad governance, violence and poor business climates. “The research suggests that more fat dynasties weaken checks and balances in our democracy, leading to bad governance, and consequently weaker development outcomes,” he said. Mendoza added that over 80 percent of governors in 2019 are from fat dynasties compared to only 57 percent in 2004. Among congressmen, fat dynasties accounted for 67 percent in 2019 compared to 48 percent in 2004. To address the situation, Mendoza said the government should disallow family members from running for public office at the same time. What may be allowed is for family members to succeed each other one at a time. Mendoza said that if this will be adopted and applied to the rest of the political system, up to 20 percent of local elected positions could be vacated for new political leaders. “There’s still democracy when families choose to succeed each other only one at a time, but when they capture many local positions at the same time, that is when unintended consequences pervade politics,” Mendoza added. “We do not believe in banning political dynasties—that would be impractical and not feasible. We argue here that regulation of political dynasties will level the electoral playing field for everyday Filipinos,” he said.
Justify bid for emergency powers to untangle Metro gridlock–Poe By Lorenz S. Marasigan @lorenzmarasigan
S
EN. Grace Poe said on Monday that she is open to hearing the argument of the infrastructure and traffic administrators of President Duterte for their bid for emergency powers, but noted that the current traffic mess can be addressed by applying existing laws, policies and agendas. In a chance interview, the senator said the bid for the grant of emergency powers to President Duterte to fast-track the implementation of projects and traffic programs is not the answer to the persistent gridlocks in major cities in the Philippines. “ To hastily solve the traffic problem, we have the connector road, the deployment of the Dalian trains, and the law pertaining to right-of-way acquisition. We also have the
power for emergency procurement,” Poe said. She was referring to the North Luzon Expressway-South Luzon Expressway Connector Road, the previously procured Chinese trains for the Metro Rail Transit (MRT) Line 3, the Right of Way Act, and Executive Order 34 for Emergency Procurements. “They will have to explain exactly how the emergency powers will speed up efforts to solve traffic,” she said. “Wouldn’t we want a solution to that?” It has been three years since the Duterte administration, through the Department of Transportation, sought for the granting of emergency powers to solve the chronic gridlocks in the Philippines, particularly in Metro Manila. This bid has also been negatively received by lawmakers of both chambers and has been a controversial topic for potentially being of corruption.
Editor: Vittorio V. Vitug • Tuesday, September 10, 2019 A3
Military on the hunt for two more ASG suicide bombers
A
By Rene Acosta
@reneacostaBM
CAUCASIAN-LOOKING woman blew herself up while attempting to enter a military detachment in Sulu in what the military said was the third suicide bombing in the province and the fourth in Mindanao since last year. The military’s Joint Task Force Sulu said no soldier was hurt or killed during the suicide bombing attempt at the gate of the Army’s 35 Infantry Battalion at Barangay Kajatian in Indanan, Sulu, at around 5:45 p.m. on Sunday. The bomber was wearing a black Abaya and was first thought by soldiers to be pregnant with her bulging belly, but which turned out later to a pipe bomb that she carried and used for the attack. Armed Forces Western Mindanao Command commander Lt. Gen. Ci-
rilito Sobejana said the woman who had a long hair was a Caucasian based on the hands, feet and head that were recovered. The head was thrown about 30 meters away. The bomb’s trigger mechanism, a fuse, was also recovered. Sobejana said they were still in the process of determining the nationality of the suicide bomber, although she could be a part of the group of Hadjan Sawadjaan, a leader of the Abu Sayyaf Group based in Sulu. The military said Sawadjaan assumed as the acting head of the Is-
lamic State in Mindanao following the death of Isnilon Hapilon in October 2017 during the Marawi City siege. Hapilon was the emir of the IS in Southeast Asia. Sawadjaan and his group had also been responsible in the bombing of the Jolo cathedral in Sulu in January this year, which was carried out by an Indonesian couple who are suicide bombers. Excluding the Jolo cathedral, the latest suicide bombing was the second in Sulu and the third in Mindanao following the bombing last year in Lamitan City, Basilan, which was carried out by a Moroccan through a van laden with explosives. In June this year, Filipino Norman Lasuca and a foreigner detonated themselves at the gate and compound respectively of the 1st Brigade Combat Team, also in Barangay Kajatian, Indanan. Lasuca was a member of the ASG under Sawadjaan. Sobejana said that Lasuca and the woman in the latest suicide bombing were part of a five-man suicide bombers that have dedicated themselves for the purpose, and were all working for the group of Sawadjaan.
Less Lasuca, the Moroccan and the woman in the latest attack, Sobejana said they were still on the lookout for two more suicide bombers, who could be within the area of the Western Mindanao Command. “There are five of them who were anointed, who have been given with the task to explode themselves,” Sobejana said, adding the photos of the five with their bombs were even posted on the Internet. The military commander said that Lasuca even posted himself with the bomb before he carried out the attack. “So there are three that we are monitoring, but with the explosion yesterday, two more were left,” Sobejana said. An alert soldier who was manning the gate of the 35th IB saw the woman who was walking toward the gate of the camp, but shouted her to stop. The woman did not heed, prompting the soldier to warn her in Tausug, which alerted other soldiers and took battle positions while seeking cover. The woman detonated herself.
Two outbound passengers nabbed for illegal gun possession at Naia A
IRPORT aviation police on Monday nabbed a South Koreabound passenger for illegal possession of a .22 caliber pistol. The passenger, identified as Leandro Gatdula, was about to catch his Asiana Airlines flight when he was stopped at the terminal’s initial screening by Office for Transportation Security (OTS) personnel. The screener spotted an image of a gun inside the passenger’s luggage when it underwent x-ray screening. The OTS agent immediately informed the Aviation Security Group of the Philippine National Police about their interception. Aviation police said aside from the pistol, six bullets and a magazine were also found in Gatdula’s luggage. Police authorities said the passenger violated Republic Act 10591, or the Comprehensive Firearms and Ammunition Regulation Act. Gatdula was brought to the Aviation police office to undergo questioning. Meanwhile, a Philippine Airlines passenger about to board Flight PR 658 bound to Dubai was apprehended for possession of a revolver. Passenger Jason Tobias, 34, was found in posession of the handgun at the screening check at North Wing Terminal 2 also at the Ninoy Aquino International Airport. Recto Mercene
THE image of a handgun in passenger Jason Tobias suitcase.
PNP buckles down to work to ‘recover’ convicts Mayor Isko urged to fulfill campaign promise, stop all reclamation projects in Manila Bay
T
HERE is a possibility that some convicts who have been released out of the good conduct and time allowance (GCTA) law may have already left the country but this could not be officially determined yet pending the manhunt that will be initiated by the Philippine National Police. “For now, we have no confirmation that some individuals have left the country, but if we are to be asked, there is a possibility that some could have left for other countries given the long period that has already passed,” said PNP Spokesman Brig. Gen. Bernard Banac on Monday. “We are just waiting for the 15-day period given by the President. After that, if there are [some] that would not voluntarily surrender, or if their whereabouts are unknown, it is then where we can confirm whether they have already left the country or not,” he added. President Duterte earlier said he has given former prisoners 15 days, or be hunted by the government as fugitives from justice. Banac said that based on the data provided to them by the Bureau of Corrections (BuCor), at least
1,914 former prisoners, who had served time at the National Bilibid Prison for heinous crimes, were released as a result of the GCTA. As of Monday, 119 of them have already yielded to police stations across the country following the ultimatum given by President Duterte. Of the number that surrendered, 25 have been turned over by the police to the BuCor, according to Banac. Banac said that the Department of Justice, through the Bureau of Immigration, has already issued a look out bulletin against the 1,914 in order to ensure that they could not leave if they are still in the country. Earlier, PNP chief General Oscar Albayalde said that tracker teams have been formed by the Criminal Investigation and Detection Group to hunt down the convicts if they will not surrender within the 15-day ultimatum of President Duterte. Banac said the PNP has the last known addresses of the former prisoners and that the police have been in the process of securing their photographs, which will aid them in the manhunt. Rene Acosta
By Jonathan L. Mayuga @jonlmayuga
T
HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) is calling on Manila Mayor Isko Moreno to enact a city ordinance prohibiting land-reclamation projects and spearhead a rehabilitation program that will restore the Manila Bay’s pristine condition and capacity. The call was made by Pamalakaya after Deputy Speaker and Pangasinan Rep. Rose Marie “Baby” Arenas filed House Bill 3169 seeking to ban reclamation activities in the entire Manila Bay. Pamalakaya said it welcome Arenas’s filing of the bill, saying it would strengthen their legal basis to oppose reclamation projects that would further destroy
the ecosystem of Manila Bay and worse, lead to the force eviction of thousands of fishing and coastal families. The Arenas bill also seeks to revoke all reclamation projects that already acquired environmental compliance certificates (ECCs) from authorities. Meanwhile, the Bayan Muna Party-list has also refiled House Bill 257 declaring Manila Bay as “reclamation-free zone” to protect its marine resources and the coastal population situated around it. “It should have not come to this point when lawmakers will have to file a bill to protect Manila Bay because the Supreme Court had already issued in 2008 an order calling for its protection and rehabilitation. The past and present administration has openly defied this order by allowing destructive land-reclamation projects to
happen,” said Fernando Hicap, national chairman of Pamalakaya. Noting that restoring the Manila Bay without reclamation was one of the campaign promises of Mayor Isko during the 2019 midterm polls, Hicap, a former Anakpawis Party-list lawmaker challenged the populist Manila mayor to fulfill his promise by moving to stop all land-reclamation projects in Manila Bay—or at least, all projects within his political jurisdiction. According to Pamalakaya there are at least four reclamation projects in Manila that were approved by former Mayor Joseph Estrada; namely, the 417-hectare Horizon Manila Project, the 497.42-hectare New Manila Bay International Community, 148-hectare Manila Solar City Project, and the 50-hectare expansion of Manila Harbour Center in Tondo.
A4
Tuesday, September 10, 2019 • Editor: Angel R. Calso
The World BusinessMirror
Mario Draghi primes ECB easing that will test global currency defenses
E
UROPEAN Central Bank (ECB) President Mario Draghi will test the composure of global policymakers this week as he unleashes a barrage of stimulus to shore up economic growth. The monetary easing will probably feature the centerpiece of an interest-rate cut that widens the difference between borrowing costs in the euro area and elsewhere. That will potentially affect foreign exchange markets—and risk the ire of critics such as President Donald J. Trump. While Draghi has a mantra ready that his institution strives for price stability and doesn’t target the euro, that won’t stop the US president or others from accusing the ECB of fighting a “currency war,” a termed coined by former Brazilian Finance Minister Guido Mantega. Trump has a history of citing the weakness of the euro when piling pressure on the US Federal Reserve to cut its own rates. The timing of Draghi’s action won’t help blunt such calls either, coming a week before the Fed determines its own response to a slowing economy impaired by global trade tensions. Meetings of the Bank of Japan and Swiss National Bank are also due then. “Draghi is pressing for some-
thing significant,” said Kit Juckes, chief global FX strategist at Societe Generale SA, who expects at least a rate cut. “I don’t know that it’ll trigger a big FX response, but the more it does, the more likely it is to elicit a response from the president.” The ECB chief put investors on watch for stimulus in July, when he said policy-makers had instructed staff to prepare options. Economists surveyed by Bloomberg all predict a rate cut of at least 10 basis points to minus 0.5 percent, and probably further deepening later in the year, and investors are pricing 15 basis points. While some governors oppose an immediate reactivation of bond purchases, the survey suggests that’s also likely to happen. The anticipation of action helped push the euro below $1.10 to a twoyear low last week. Against that backdrop, Swiss central bank data suggests its officials stepped up interventions in August to keep a lid on the franc. A weak currency can boost an
economy by making its exports more competitive. For Trump, with his focus on trade protectionism, that means Draghi’s impending easing has been a bugbear ever since the idea was first aired by the ECB chief in June. The US president tweeted about it then, and has since cited the euro as he presses for Fed easing, most recently on August 30. The euro has fallen against both the Japanese yen and the Swiss Franc, dropping to the lowest level since 2017 against both, as investors seek safety from the US-China trade war and slowing growth in the euro area. The common currency is nearly 18 percent undervalued, according to the Big Mac index, a measure of purchasing power across countries. The Fed will take its own decision on September 18, and may deliver a quarter-point rate cut as a festering trade standoff between the US and China weakens global growth. The next day, the Bank of Japan, which like the ECB also has a negative rate, may consider reducing its own benchmark deeper below zero. The SNB, also meeting on September 19, already has the world’s lowest rate at minus 0.75 percent and probably has limited space to act. Credit Suisse Group AG reckons it may stick with currency market interventions for now. Other central banks are also taking a measured approach. Sweden’s Riksbank stuck last week with its plan to withdraw stimulus, the Bank
of Canada declined to ramp up its own aid to the economy, and Australia’s central bank kept its key rate unchanged. “I’d not call this a currency war,” said Ricardo Garcia, head of European Macroeconomics at UBS Switzerland AG. “We’re not at a point where it’s escalating between central banks.” The ECB will be glad if that analysis can hold. With a deposit rate at minus 0.4 percent, its space to ease further is finite. Significantly expanding bond purchases remains contentious among policy-makers because it might require self-imposed limits on quantitative easing—aimed at staying the right side of the line between monetary and fiscal policy—to be scrapped. The danger that European stimulus could provoke a counterattack is surely a concern for policy-makers, in particular if Trump changes tactics, according to Ned Rumpeltin, European head of foreign-exchange strategy at Toronto Dominion Bank. “The issue now, in particular, is whether that decision could draw retaliation from the US in the form of tariffs on autos or other measures,” he said. “If he simply uses whatever package the ECB presents as a stick to beat the Fed, then the market is probably prepared for that. If, however, he turns more aggressive toward the euro zone itself, then we think we could be entering a new phase of the conflict.” Bloomberg News
www.businessmirror.com.ph
US to press bank CEOs in UAE to tighten financial screws on Iran A SEN IOR US Tre a su r y official is in the Unite d A r a b E m i r at e s to meet with the chiefs of the country’s banks and shipping companies as the Trump administration seeks to further tighten sanctions against the Iranian regime. Sigal Mandelker, the Treasury’s undersecretary for terrorism and financial intelligence, will be meeting the chief executive officers of seven UAE banks on Sunday and Monday. She will also hold talks with officials before heading to Switzerland and Israel. “We’re discussing ways to work together to counter terrorism and Iran’s destabilizing influence in the region and around the world,” Mandelker told reporters in the capital, Abu Dhabi, on Sunday. The trip marks the latest effort by the US to turn up the pressure on Iran, which has so far refused to negotiate unless American sanctions are lifted. President Dona ld J. Tr ump pulled the US out of the multiparty 2015 nuclear deal and began to reimpose penalties last year. Earlier in 2019, the US suspended
waivers that allowed countries to buy Iranian oil. The Treasury has issued over 30 rounds of curbs targeting more than 1,000 Iran-related entities, Mandelker said. Last week, a major shipping network was also sanctioned after selling millions of barrels of Iranian crude, she said. It allegedly supports the Qods Force, the international brigade of Iran’s Revolutionary Guard Corps, which has been shipping oil to help the regime of Syrian President Bashar Al Assad and Lebanon’s Hezbollah, she added. The US is also targeting those who engage in other trade and financial activities related to Iran’s petrochemical and metal production, Mandelker said. On June 7, Iran’s largest petrochemicals group was sanctioned, and two of its designated sales agents were based in the UAE, she said. “As we’ve seen historically, that kind of trade has happened right here in the UAE,” she said. “And we want to make sure that that sector understands that there are similar consequences to continuing to engage in that kind of trade.” Bloomberg News
HK tourism plunges 40%, most since SARS crisis Oil extends gain before Opec+
meet as Saudi minister ousted
O
PROTESTERS display opened palm with five fingers, signifying the five demands of protesters, as they march from Chater Garden to the US consulate in Hong Kong on Sunday, September 8, 2019. Thousands of demonstrators in Hong Kong marched to the US consulate on Sunday, urging President Donald J. Trump to “liberate” their city as they press for more democratic freedoms in the semiautonomous Chinese territory. AP PHOTO/KIN CHEUNG
T
HE ongoing protests in Hong Kong, now in their 15th week, have delivered a blow to the city’s tourism industry not seen since the 2003 SARS epidemic. Tourist arrivals in the city declined almost 40 percent in August from a year earlier, Financial Secretary Paul Chan wrote in a blog post Sunday. That’s the biggest year-on-year decrease in visitor numbers since May 2003, when arrivals sank almost 70 percent in the midst of the disease outbreak that ultimately claimed hundreds of lives in the city, according to data compiled by Bloomberg from the Hong Kong Tourism Board. “Social issues in the past few months, especially the continued violent clashes and blockading of airport and roads, have seriously impacted Hong Kong’s international image as a safe city,” Chan said in his post, which was written in traditional Chinese. “The most worrying thing is that the situation is not likely to turn around in the near future.”
The city’s tourism, retail and hotel industries have been particularly hard hit, Chan said. Occupancy rates of hotels in some districts fell more than half while room rates decreased 40 percent to 70 percent. Many meetings and business trips have been postponed or moved to other places, he said. The protests, which morphed from opposition to a proposed extradition law to a broader challenge against Beijing’s authority, have placed a growing toll on the city’s economy. Retail sales by value dropped 11.4 percent in July, the first full month affected by the protests, while sentiment among small businesses has hit record lows. Hong Kong’s economy overall contracted 0.4 percent in the second quarter from the previous period, raising the prospect of a technical recession. The protests show few signs of resolution despite Chief Executive Carrie Lam’s decision last week to formally withdraw the extradition bill that sparked the movement in the first place.
Based on August 2018 tourism figures, a 40-percent drop would result in about 3.5 million visitors, the lowest level in more than seven years. Hysan Development Co. and Wharf Holdings Ltd., which operate malls in Causeway Bay, dropped more than 1.6 percent in Monday trading after police fired tear gas in the district on Sunday night. Wynn Macau Ltd. slid as much as 3.3 percent, and hotel operator Shangrila Asia Ltd. lost 2.4 percent. MTR Corp. fell 1.4 percent after protesters again vandalized a number of train stations. The MSCI Hong Kong Index was down 0.4 percent. Retailers are making plans to ride out the disruption. Sa Sa International Holdings Ltd., a cosmetics retailer, has asked some managers in its back office to take no-pay leaves for as many as four days each month from September, Ming Pao reported on Monday, citing people familiar with the matter. Sa Sa shares dropped as much as 3.3 percent. Bloomberg News
IL extended gains before an Opec+ committee that monitors compliance with output cuts meets this week, while Saudi Arabia’s ouster of its energy minister is unlikely to signal a change to the kingdom’s crude policy. Futures rose for a fourth day in New York after climbing 2.6 percent last week. A two-day meet i ng of t he O pec+ Joi nt Technical Committee starts on Wednesday and the United Arab Emirates energy minister said there is no recommendation to make deeper output cuts. Saudi King Salman dismissed Khalid Al-Falih and replaced him with one of his sons, Prince Abdulaziz bin Salman. Oil capped a second weekly gain on Friday as shrinking US crude stockpiles and remarks f rom Federa l Reser ve Cha irman Jerome Powell seeking to
calm fears of a possible recession bolstered the demand outlook. A Russian official said his countr y intends to maintain its critical alliance with Saudi Arabia even after the removal of Al-Falih. “The general feeling is that the outgoing minister, Khalid AlFalih, had not delivered” on oil prices since 2016, Jeffrey Halley, a senior market analyst at Oanda Corp., said in a note. Speculation that the incoming minister could accelerate a tightening of supplies may boost crude futures, he said. West Texas Intermediate oil for October delivery added 67 cents, or 1.2 percent, to $57.19 a barrel on the New York Mercantile Exchange as of 1:11 p.m. in Singapore. The contract climbed 22 cents to $56.52 on Friday. Brent for November rose 61 cents, or 1 percent, to $62.15 a barrel on the ICE Futures Europe
Exchange. The contract capped a fourth weekly gain on Friday. The global benchmark traded at a $5.07 premium to WTI for the same month. Prince Abdulaziz served as deputy petroleum minister for a dozen years and most recently as minister of state for energy since 2017. The new minister takes charge as the Organization of Petroleum Exporting Countries and its allies, most notably Russia, are trying to bolster prices at a time when a raging trade war between the US and China weighs on global demand The change of ministers doesn’t mean a change in strategy, UAE Energy Minister Suhail Al Mazrouei said in a Bloomberg TV interview on Sunday in Abu Dhabi. Prince Abdulaziz will continue Al-Falih’s “good work” and has knowledge of the industry, Mazrouei said. Bloomberg News
British Airways grounds nearly 100% of flights as pilots strike
L
ONDON—British Airways (BA) says it has had to cancel almost all f lights as a result of a pilots’ 48-hour strike over pay. In a statement on Monday, the airline said it had “no way of predicting how many [pilots] would come to work or which aircraft they are qualified to fly.” As a result, it said it had “no option but to cancel nearly 100 percent” of its flights. BA said it stands ready to return to talks with pilots’ union BALPA and that it is offering affected customers full refunds or the option to rebook. The union accuses BA is making massive profits at the expense of workers
who made sacrifices during hard times. A further strike is penciled
in for September 27. BA operates up to 850 flights a day. AP
IN this January 10, 2017, file photo, British Airways planes are parked at Heathrow Airport in London. British Airways says in a statement on Monday, September 9, 2019, that it had to cancel almost all flights as a result of a pilots’ 48-hour strike over pay. AP PHOTO/FRANK AUGSTEIN
Economy BusinessMirror
www.businessmirror.com.ph
Euro businessmen remain bullish on Asean growth in next 5 years, survey shows
E
UROPE A N fir ms ex pect their trade and investment activities in Southeast Asia to grow over the next five years, but this may have to depend on how countries in the region secure their trade deals and hasten their economic integration. The 2019 European UnionAsean Business Sentiment Survey reported firms from the Western economic bloc maintained their growth expectations in Southeast Asia at a high. The survey showed 53 percent of EU firms project high economic progress in the Asean, compared to 27 percent in China, 11 percent in India and 4 percent in hometown Europe. Their expectations of growth also improved to 88 percent, from 75 percent last year, which was the height of the tariff war between the world’s largest economies. However, there was less confidence from EU-based investors that Asean economies will be able to conclude its proposed trade deals in the near future. For one, fewer European firms at 94 percent, from 98 percent, said the economic bloc should accelerate its trade negotiations with the Asean. There was also an increase to 28 percent, from 13 percent last year, in the belief that bilateral trade deals with Southeast Asian economies will bring more benefits to both parties than pursuing an arrangement with the region as a whole. Fur ther, 57 percent of EU companies lamented the slow progress the Asean is taking in integrating its economy, resulting to a much slower pace in trade between Southeast Asia and Europe. Under the planned integration, Asean is targeting to reduce cost of trade transaction by 10 percent by 2020 and double
intra-Asean trade by 2025. European firms also took a swipe at the increasing number of nontariff measures Asean economies are placing on their goods, making it difficult for their products to enter markets belonging to the regional bloc. EU-Asean Business Council Executive Director Chris Humphrey said the Asean should hasten its integration to be able to attract more investors from without, particularly those coming from Europe. He explained investors are being compelled to adjust their expansion and investment plans due to the slower than expected development of the move to merge the region’s economy. “The message from the survey is clear: Asean economic integration appears to be at a standstill. Asean and its constituents need to pick up the pace to meet the Asean Economic Community Blueprint 2025 goals. European businesses are now adjusting their business strategy according to local environments, rather than waiting for substantial progress in regional economic integration,” Humphrey said in a news statement. “European businesses are also very concerned about the lack of progress on further free trade agreements with the Asean region, and in particular the long talked about region-to-region FTA which nearly three quarters see as potentially delivering more benefits than a series of bilateral FTAs. European businesses clearly want the European Commission to step up the pace of negotiations with Southeast Asia,” he added. Merchandise trade by the Asean amounted to $2.2 trillion in 2016, of which 23.1 percent was between the regional bloc’s member-states.
Elijah Felice E. Rosales
Arta to FDA: Expedite release of 3K pending product renewal applications
T
By Elijah Felice E. Rosales
@alyasjah
HE Anti-Red Tape Authority (Arta) has directed the Food and Drug Administration (FDA) to immediately release more than 3,100 applications for product renewal to reduce the backlog of documents pending before the agency. In an order released on Monday, the Arta has declared the completeness of all pending applications with complied documentary requirements and paid fees submitted until August 8, 2019, to the FDA. In total, 3,125 documents should be immediately released by the FDA, as they are covered by the Arta’s order. By type, these documents are 1,081 applications for food registration renewal, 27 food license renewal, 1,818 drug registration renewal and 199 principal certificate of product registration. As such, these pending applications are declared automatically approved and renewed, and the FDA should, in turn, release them at the earliest possible time. However, the order does not prevent the FDA to conduct its post audit compliance of the applications and does not hinder them from lodging charges against parties who have committed an act of misrepresentation in their filing. If proven guilty of misrepresentation, parties who had their applications released can still face sanctions, such as suspension, cancellation or even revocation of certificate and license. The move to direct the FDA to release all pending applications for product renewal was in response to its backlog of around 14,000 documents gathering dust on its desk. The Arta made a surprise visit to the FDA headquarters in Alabang in August and discovered the thousands of applications pending its
approval and release. Further, the Arta instructed the Securities and Exchange Commission (SEC) to immediately release four pending applications for accreditation of auditing firms and external auditors with complete documentary requirements and duly paid fees. The order came nearly three weeks after Arta officials visited the SEC head office to observe the agency’s frontline services and to monitor their compliance with the ease of doing business (EODB) law. During the visit, the Arta discovered there were problematic transactions in the SEC, and the two parties agreed to work hand in hand in addressing these inefficiencies and improving the SEC’s service delivery. The Arta is the chief implementer of the EODB law, under which government agencies are mandated to complete processes within three days for simple transactions; seven days for complex transactions; and 20 days for highly technical transactions. “Arta will continue with its mandate to help government agencies in streamlining and reengineering their processes. The director general emphasized that all government agencies should effectively comply with the law’s prescribed processing time and remove burdensome processes,” the Arta said in a separate statement. “With this, Arta ensures effective
How to handle conflicts of interest D By Henry J. Schumacher
your internal one: communicate clearly on your company’s stance on COI and carve out what you expect of your vendors, train third-parties on how to raise concerns and how to disclose them.
EFINING and detecting noncompliant behavior should be very clear-cut. For example, employees should never pay bribes to obtain an undue advantage and gifts have a clearly set threshold, yet, when it comes to conflicts of interest, it can be much harder to discern what constitutes a compliance risk. The deputy governor of the Bank of England, Charlotte Hoggs, can attest to that, when she, in 2017, less than two weeks into her job, had to resign for failure to declare a personal conflict of interest (COI). She had failed to disclose that the director in group strategy of Barclays Bank, an institution regulated by the Bank of England, was her brother. What’s notable was that the failure to disclose a conflict that potentially could jeopardize the integrity of her work was enough ground to prompt her resignation. Whether they are potential, perceived or actual, conflicts of interest have to be effectively handled by a company’s compliance function. The question, though, remains: How do you detect and prevent conflicts of interest from jeopardizing the integrity of your organization in time? Here are a few steps that will steer conflicts of interest in your organization in the right direction:
is to get your message across. Actually, it should be in your company’s Code of Conduct that is available to all employees.
Define the right policies
THE path toward effectively detecting and managing conflicts of interest is solid training and the best way to go about that is to couple your policy to the appropriate procedures. Guide employees and arm them with tools that allow them to identify a conflict when they see it. Granted, conflicts of interest are oftentimes not deliberate corrupt
IT all starts with the right policy. Craft a simple, yet clear policy and explain as astutely as possible to employees what constitutes a conflict of interest and why and how they must be disclosed. Avoid too much legal jargon and ensure that the policy can be read and understood by everyone in the company. Remember, the goal
Integrate COI into your broader risk management strategy THAT goes for all your mitigation activities as well. Identifying and assessing company risks and risk factors is crucial to informing your mitigation strategies. In which industry do you operate? With whom do you conduct business? Do you interact with government officials? These questions will be crucial in determining which situations may potentially trigger conflicts of interest. Keeping track of how your risk assessment evolves and changes over time will allow you to spot any potential conflicts and manage them as you go along. Being proactive is the name of the game when it comes to conflicts of interest.
Remember that training is key
Editor: Vittorio V. Vitug • Tuesday, September 10, 2019 A5
Manage and document your COI declaration process
behavior, but unintentional bias, so as a first step, we must admit that, as humans, we are naturally inclined to be biased. Hence, identifying a list of red flags employees and managers alike should pay attention that would help them in detecting potential conflicts and declare them. Tailor your training according to job descriptions. The last thing you want is employees skipping training because it is too burdensome or irrelevant to their work. The same goes for top management and the board of directors, managing the interests of different stakeholders may at times give rise to conflicts. Training should, therefore, also encompass top management, albeit, tailored training to discern situations that may trigger conflicts.
Couple Your COI management with your third-party management program
JUST as you want to manage conflicts within your organization, you must carefully handle those that come with third-party vendors. The process does not differ widely from
ACCORDING to best practices, employees should be requested to declare any actual, potential or perceived COI upon hire, confirm their existence or absence once a year and be familiarized with the processes in which they can submit COI declarations at any given point in time. With that said, every company should be able to tailor the management process to its own needs. Automated solutions can prove absolutely essential when managing declarations of both employees and third-party vendors. Consider the advantages of automation to do the heavy lifting of rolling out COI declarations to new employees and set yearly campaigns, while reminder e-mails will spare you the hassle of chasing employees around. Tech solutions will also log your efforts leaving you with an auditable trail for later reference if needed.
Strong compliance culture
WHEN it comes to regulating conflicts of interest, it is all the more important to set the right culture of compliance. A strong compliance culture will incentivize the right behavior, steer away from compromising transparent decision-making, and raise the right questions when in doubt. Feedback is welcome; e-mail me at schumacher@eitsc.com
practices aimed at efficient turnaround of the delivery of government services that will reduce red tape in the government,” it added. Aimed at curbing red tape, the EODB law is banked on by the government to improve the
country’s ratings in competitiveness surveys and, consequently, profile to foreign investors. The Philippines is ranked 124th among 190 economies in terms of EODB, according to a latest study by the World Bank.
A6 Tuesday, September 10, 2019 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
President’s mandate must be followed
E
NERGY Secretary Alfonso Cusi says the government will neither favor nor discourage any particular technology for power generation; that all power plants should compete with other types of technology without government support. This, however, seems to run contrary to President Duterte’s statements in his fourth State of the Nation Address, where he sought “to fast-track renewable energy resources to reduce the country’s dependence on traditional energy sources such as coal.” More than a few environmental groups have urged government agencies to follow the President’s marching orders and ditch the country’s reliance on coal energy, especially since cleaner and cheaper alternatives are now available. Coal still dominates the Philippines’s energy mix. A BMI Research study said coal’s share is actually increasing over a 10-year forecast period—from just under 50 percent in 2017, to over 55 percent by 2027. This, despite our country’s commitment to cut 70 percent of its carbon emissions by 2030 under the United Nations Paris Agreement. The Department of Energy should not ruin the momentum the government has gained in pursuing renewable-energy projects through corresponding policy adjustments. The past few years saw the DOE commissioning pioneering renewable-energy projects that it endorsed to the Energy Regulatory Commission upon their validation for commercial operations, including hydropower, geothermal power, wind power, solar power, biomass power, even run-of-river hydroelectric power plants. Big renewable-energy projects were being given the government’s go-signal for development, finally giving teeth to the National Renewable Energy Program (NREP) and the Renewable Energy Act of 2008. Renewable-energy developers were seen boosting the country’s power supply with clean energy, enough to meet expected shortages. Indeed, Cusi has a point. The government should make renewable-energy targets more realistic without raising overall costs to consumers. Subsidies or incentives should only be given to commercially viable projects. This would continue to bring down costs in the long run. Solar, wind, geothermal and other renewable-energy projects can provide a competitive advantage over coal and other fossil fuels since they are readily available in our country and their costs will remain stable and under our control, unlike coal, diesel and other fossil fuels that the country imports and are subject to price volatility in the international market. We have also seen how vulnerable the Philippines is to extreme weather events caused by climate change. In fact, our country tops the list of nations most in danger of facing more frequent and more intense storms as climate change worsens. Renewable energy can significantly slow climate change and help save many lives. Coal is a nonrenewable energy source and a type of fossil fuel that emits greenhouse gases responsible for global warming. Burning coal may be cheap, but this can only lead to more greenhouse gas emissions and it is countries like the Philippines that would have to cope with the resulting negative climate change impact. The fact that there is a growing confidence among banks to lend money for renewable-energy investments only proves that they, too, believe in a green energy future. More companies, both big and small, are going into renewable energy, showing that more electricity could be generated without the need for coal-fired power plants. They are showing that there are sustainable energy technologies that could be adopted and they are more likely to succeed since they maximize our country’s natural resources and create cost-cutting alternatives. These renewable-energy investments also generate a significant number of jobs and boost economic activity in their host communities. They require the building and continuous maintenance of facilities that need local human resources. So with renewable energy, investments stay in the communities, creating jobs and helping local economies. When the government or local companies spend dollars to import coal and fossil fuels, there is no positive contribution to the economy. The Philippines can become a global leader in renewable-energy sources and ditch its dependence on fossil fuels. It already has the right energy policies for doing so. All the government needs to do is stick to the program and implement it. Follow the President’s mandate.
Since 2005
BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor
T. Anthony C. Cabangon
Online Editor
Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.
www.businessmirror.com.ph
Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF
THE ENTREPRENEUR
T
HE road-clearing operations in Metro Manila and the cleanup of Manila Bay and major tourism spots in the Philippines are two government initiatives that must be sustained. These initiatives give the impression that there is discipline, not chaos, in the Philippines, which foreign tourists will appreciate and remember once they leave the country. Local government officials must be credited for heeding the call of President Duterte to clear the obstructions in Metro Manila and reclaim the roads from illegal vendors. As I noted earlier in this column, illegal merchants and unscrupulous businessmen have taken over some of the major and busy roads in Metro Manila, compounding the traffic problem and giving the image that lawlessness is the order of the day in the country. Mayors and local officials, however, must be consistent in the cleanup drive. Their initiative should not be ningas kugon, or the negative Filipino trait of passionately doing something in the early going only to lose enthusiasm later.
Manila Mayor Isko Moreno, Quezon City Mayor Joy Belmonte, San Juan Mayor Francis Zamora and other local executives in Metro Manila are doing the right things in restoring order in their respective cities. By doing so, I believe they are becoming role models to our youth and hopefully inspire our younger generation to clean up the surroundings of the capital region and also protect the environment. To prevent ningas kugon, Metro executives can review the cleanup and road-clearing program, say after one year, to report on their accomplishments and determine what more should be done to make the initiative a continuing process. A cleaner Metro Manila, along with the restoration of our beaches and other major tourism destinations and the modernization of airports, meanwhile, will make
the Philippines more attractive to foreign tourists. President Duterte and the Department of Transportation have taken the right step in privatizing our major airports. The department should complete the process before the end of President Duterte's term to boost the tourism sector. Handing the operations and expansion of the country's airports to the private sector is the only way to modernize these facilities, which have been neglected in the past. It is encouraging to learn that foreign tourists continue to come in droves to the Philippines despite our disadvantages in terms of infrastructure. Foreign tourist arrivals in the Philippines, according to the latest data of the Department of Tourism (DOT), increased 12.4 percent to 4.8 million in the first seven months of 2019 from 4.3 million year-on-year. Tourism Secretary Bernadette Romulo Puyat knows that much has to be done to make the Philippines a favorite tourist destination and competitive with the rest of our Asian neighbors. She conceded that the “Build, Build, Build” program of the government was key to improving the country’s competitiveness and attractiveness. We should not underestimate the contribution of the tourism sector to the gross domestic product. The industry generated P245 billion in revenues from foreign visitors
The GDP battle: Aquino versus Duterte
Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso
Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager
Manny B. Villar
Lourdes M. Fernandez
Senior Editors
Creative Director Chief Photographer
Tourism benefiting from cleanup drive
John Mangun
OUTSIDE THE BOX
T
HERE are two topics that even the highly educated person —let alone the average individual—knows little about: the human body and money/economics.
That is why we go through these long periods of confusion like “Eating eggs bad,” “Eggs good,” “Eggs bad.” And as of August 16, 2018, “The American Heart Association suggests one egg per day for people who eat them, as part of a healthy diet.” The confusion is worse when it comes to money and the economy because at least each of us has experience with a human body. We might not know exactly why we have a high fever, but we know enough to understand that there may be a problem. With money and the economy, most people are clueless. Take the gross domestic product (GDP). How is that data calculated? How does the Philippine government
calculate GDP? The reason those questions are important is that there are several ways to reach a final number. Is GDP the total value of goods and services produced? Or should it be calculated by the value of how much government and consumers spend on those goods and services? Further, most governments use a blend of data. The annual GDP growth rate from the previous year is only one indicator of how the economy is doing and is not necessarily the best. Whatever methodology is used to find the GDP is “perfect” as long as it is used consistently. When I worked in a fast food restaurant—about the time the hamburger was invented—the
owner tracked the sales of French fries not by the amount of frozen potatoes he bought but by the number of the paper containers that the fries were served in. He figured that he could not count the actual potato sales accurately because he knew we employees ate a few fries now and then. But only paying customers received the paper container. All this talk about economic growth being slower in the past three years versus the previous three years is accurate. However, note this fact: Between 2012 and 2015, the total GDP grew by 14 percent. Between 2015 and 2018, the total GDP increased by 13 percent. Therefore, there is not much difference between the last three years of the Aquino administration and the first three years of the Duterte administration. If you take the total GDP and divide it by the total population—Philippines GDP per capita—between 2012 and 2015 the total growth was 15 percent and between 2015 and 2018 the total GDP growth was 16 percent. Not much difference in the past six years. The average “expert” talks much
during the first six months of 2019, up 17.6 percent, from P203.8 billion in the same period in 2018. The average daily expenditure and average length of stay per tourist, according to the latest DOT figures, reached $120.60 and 9.01 nights, respectively, or up 28.6 percent and 1.8 percent year-on-year. The DOT based the figures from arrival and departure cards, shipping manifests and visitor sample survey. “These economic numbers are exciting but the real purpose of why the government is working hard to push these numbers up year after year is for the Filipino people. Tourism in 2018 was responsible for 5.4 million jobs in 2018, contributing 12.7 percent or P2.2 trillion to the country’s gross domestic product. At the end of the day, it is the number of lives changed for the better by tourism that would truly count,” says Romulo Puyat. I am confident that we can lure more foreign tourists to the Philippines as long as we pursue the restoration of famous beaches, like Boracay, and the rehabilitation of Manila Bay and other waterways in the metropolis. The road-clearing operations should also continue without letup to enable the national capital region to catch up with the rest of Asia. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.
about GDP growth but another way to measure the real world impact and wealth of the economy is found in “GDP per Capita by Purchasing Power Parity (PPP).” This is calculated by valuing total GDP divided by the population and the cost of similar goods and services across borders. Between 2012 and 2015, Philippine “GDP per capita by PPP” increased by a total of 15 percent. Between 2015 and 2018 the GDP per capita by PPP increased by 16 percent. As you can see, there is very little difference between the two administrations regardless of your political views, which the numbers do not care about. Certainly, anyone can complain that the highways of the Philippines are not paved by gold. But at least, use real data and not numbers from a political agenda. My dear sainted mother made me eat an egg every day while I was growing up. My perfect cholesterol numbers prove she was right. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.
Opinion BusinessMirror
www.businessmirror.com.ph
The war against communist insurgency Cecilio T. Arillo
DATABASE
I
F we are not winning the war against communist insurgency, don’t only blame the police and military generals in Camp Crame and Camp Aguinaldo, but also the inept members of Congress for their failure to provide the right combination of national security and public order policies. Members of both houses of Congress—the Senate and the House— cannot deny this because every year the police and military budgets pass through them. In the crucial arena of national administration, which is how the police, soldiers and the people feel the presence of government in their lives, it is actually Congress who are on the front lines of the entire bureaucracy, with powers, funds and policies to stifle insurgency, separatism and maintain peace and order. The police and the military are just implementors of policies. They are not in control of the levers of power. Under the Constitution, it’s the Congress. They control national security, contract debts, decide government priorities and shape the budgets. By looking at the budgets, past and present, one would easily conclude that they had merely wasted a lot of resources, creating and managing crisis, instead of shaping an environment of peace, where people can work and pursue their economic agenda without interference and intimidation from terrorists and criminal elements. The police and military organizations operate, in large part, under a system where there is no real and formidable national security law to protect the State, and there are no clear delineation of functions and responsibilities between them, resulting in confusion, turf war and finger-pointing. The only national security law, Republic Act 1700, better known as the anti-subversion law, was repealed on September 22, 1992 by the Ramos administration. Its repeal created a national security vacuum that saw the expansion of the leftist organization, the resurgence of separatism in Mindanao by the Moro Islamic Liberation Front and the Moro National Liberation Front, and the birth of the fundamentalist Abu Sayyaf terrorist group. The anti-insurgency campaign of the military is most often just a conceptual and theoretical plan, devoid of strategic substance, that doesn’t make sense to many people. The truth is that the military and police organizations are now stuck to the body-count syndrome that is quite misleading because what is merely reported in the media is the number of terrorists killed, wounded, captured, or surrendered. What is not reported is that the terrorists produce more warm bodies faster than the military and the police could attrite them. This is so because for the leftist terrorists, the most important battlefield is not the military one but the political, social, and economic fronts where they built their foundation and have made tremendous gains over the last three decades. The law available but insufficient to stifle communist insurgency is the antiquated Revised Penal Code. Article 147 of the Code penalizes subversive and rebellious acts for only six years in prison and imposes a fine not exceeding P1,000 for founders, directors, and presidents of associations totally or partially organized for the purpose of committing any of the crimes under the Code. Many internal factors in the armed services also made them a threat to society, and external factors have also contributed to both the military’s disunity and the inability
What is not reported is that the terrorists produce more warm bodies faster than the military and the police could attrite them. This is so because for the leftist terrorists, the most important battlefield is not the military one but the political, social, and economic fronts where they built their foundation and have made tremendous gains over the last three decades. of the civilian government to control them. For instance, the problem of a continuing economic decline and the threat of Communist insurgency and terrorism in various parts of Mindanao have made the armed services inordinately very large and indispensable to the orderly conduct of public affairs. Where in normal times the military is a sword kept in the scabbard in preparation for external and internal enemies, it is a sword now perpetually unsheathed because of real and formidable challenges to the state. No matter how one looks at the problem, it cannot be denied that the problem is a political one in which the military is only one factor among many. When may we expect our national security to become truly and sustainably stable? Our people—not just our leaders—must answer that question collectively, with the proper mix of attitudinal and behavioral changes. The answer will not be of specific date in the calendar; rather, like national security itself, the answer will be situational. For as long as illegal drugs, lewd tabloids, pornographic movies, pirated intellectual property and smuggled goods proliferate on our sidewalks; for as long as bickering rather than public service dominates our political and bureaucratic landscapes; for as long as graft and corruption deter our people from developing confidence in our leaders; for as long as we compromise our sovereignty; for as long as we are unable to develop a truly national culture that transcends regional and ethnocentric loyalties; for as long as our industries remain globally uncompetitive; and for as long as the masses of our people remain mired in poverty, we cannot enjoy the kind of national security that we need to sustain a quality of life that our people would find worth defending. Citizens who are vigilant against crime and who testify in court; vendors who stay off our streets and sidewalks; households that dispose of their garbage properly; employers who give workers their dues; civil servants and workers who perform their jobs diligently and properly; priests who serve our spiritual needs and not the political agenda of dissidents or rebels; journalists who report accurately rather than opinionate, speculatively; an educational system that inculcates national identity, patriotism, discipline and values among our youths—these and not just political leaders, the military and the police, are the components we need to build national security. We must realize that it takes a nation to build true national security, just as it takes majorities to build democracy. To reach the writer, e-mail cecilio.arillo@ gmail.com.
A tale of two African icons Manny F. Dooc
TELLTALES
A
NOTHER revolutionary leader who led his country, Zimbabwe then known as Rhodesia, to independence after an armed resistance against white-minority rule has died recently. Robert Mugabe is considered the Father of Zimbabwe and ruled his country for more than 30 years with an iron hand. Like Nelson Mandela, he was a freedom fighter who spent 10 years behind bars as a political prisoner. Both were highly educated and earned a degree in law in the United Kingdom. They were articulate, well-mannered and greatly esteemed and loved by their countrymen when both assumed the leadership of their respective countries. But unlike Mandela, Mugabe’s government quickly plunged into tyrannical rule marked by strong-armed policies, abuses and corruption. The country’s economy suffered and the nation was gripped by political turmoil. His private army, the Fifth Brigade, massacred his political enemies opposed to his rule. He refused to step down despite the mounting public disenchantment. He once bragged that only God could remove him from power. He was deposed by a coup in 2017 and was replaced by his vice president, Emmerson Mnangagwa. Mandela and Mugabe—a tale of two African icons. In death, the former is revered, while the latter is reviled. One ended up being a hero and the other a heel. Every leader should learn from this.
The worsening trade relations between China and the United States is a continuing cause of concern around the world. The lack of a deal between the trade negotiators dampens economic growth in the US, which may eventually descend into a recession. In fact, some Republican leaders have called President Donald J. Trump’s attention to it recently. There seems to be no end in sight with the two sides further hardening their positions. Trump has just announced to hit China with more duties on more goods. On the other hand, China blamed the US for the impasse and accused the US of “unilateralism and protectionism.”
Tuesday, September 10, 2019 A7
The state of the economy has always been a relevant election issue and it is to Trump’s interest to spur the US economy ahead of the US elections next year. Definitely, Trump will not want his Democratic opponent to chastise him, “it’s the economy, stupid.” On the other hand, China does not appear to be in a rush to make a deal to scuttle Trump’s chances for reelection hoping that it would be more advantageous to deal with a Democratic president. Economic downturn in the US and a similar slowdown in China will not bode well for developing countries like the Philippines. Both are our major trading partners and their sick economies will contribute to our growing anxiety unless we can insulate ourselves from adverse fallout. There is some truth that a blessing may emerge from a disaster. The recent good conduct time allowance imbroglio where we have seen what evil government officials could unleash to destroy our faith in our government has somehow united our polarized citizenry. Our leaders from both sides of the political aisle condemn Bureau of Corrections’ misapplication of the GCTA law. Everyone has been scandalized by the callous acts of our prison officials who released convicts found guilty of heinous crimes. President Duterte’s order to stop such releases and the eventual firing of BuCor chief Nicanor Faeldon received unanimous approval from the public. Every Filipino is crying for justice against the
What about withholding of local taxes? Atty. Rodel C. Unciano
TAX LAW FOR BUSINESS
O
NE of our readers has requested us to tackle on this space the possibility of implementing the withholding tax system in local taxation.
Under the government’s withholding tax system, payors of business transactions are constituted the withholding agents of the government, in which case, a portion of the income payments made is required to be withheld and remitted by the payor to the government. As it stands now, for internal revenue tax purposes, almost all income payments are subject to withholding taxes, pursuant to existing revenue regulations. Under the final withholding tax system, the amount of tax withheld by the withholding agent is constituted as full and final payment of the income tax due from the payee on said income. Being already full and final payment of the income tax due, the income recipient is no longer required to file an income tax return for that income. On the other hand, under the creditable withholding tax system, taxes
required to be withheld are intended to equal or approximate the tax due of the payee on said income. The income recipient is still required to file an income tax return and apply as tax credit the taxes previously withheld by the income payors. The withholding tax system is actually an effective tool in collecting taxes from the taxpayers, and as regards the creditable withholding tax system in particular, it actually helps the government in collecting taxes in advance from the taxpayers through the cooperation of the payors who are constituted as withholding agents. The income payors, of course, will have to faithfully comply with their obligations as withholding agents for failure to do so would mean nondeductibility of their income payments as deduction against their income.
If the withholding tax system helps tax authorities in tax collection, can we therefore adopt the system in local taxation? The answer seems to be in the negative. For one, the withholding of local taxes is not authorized under the Local Government Code of 1991, which is the enabling law governing local taxation in the Philippines. There is, likewise, no provision of the LGC authorizing local government units (LGUs) to enact an ordinance authorizing the imposition of withholding tax on income payments. On the contrary, for national internal revenue tax, the withholding of tax on certain income payments is clearly authorized under the law, specifically under Section 57 of the Tax Code, as amended. For lack of statutory mandate, withholding of local taxes would not therefore be legally feasible. Also, to my mind, withholding of local taxes seems to be very difficult to implement. It would be difficult for LGUs to constitute income payors as their withholding agents, especially those income payors not within their respective territorial jurisdictions. It must be noted that for local tax purposes, each LGU is considered a taxing jurisdiction separate and distinct from other LGUs. And income payors may come from other LGUs. So, on the part of the LGUs, it would be very difficult to enforce withholding of tax to the income payors, especially in
Only one ‘ID’ needed–soon Atty. Lorna Patajo-Kapunan
LEGALLY SPEAKING Conclusion
P
ERSONAL registration by the citizen or resident alien shall be made at the following registration centers: (1) Philippine Statistics Authority Regional and Provincial Offices; (2) Local Civil Registry Offices; (3) Government Service Insurance System for its members and their dependents; (4) Social Security System for its members and their dependents; (5) Philippine Health Insurance Corp.; 6) Home Development Mutual Fund; (7) Commission on Elections; (8) Philippine Postal Corp.; and (9) other government agencies and GOCCs as may be assigned by the PSA (Section 8, IRR). The PSA said in a statement that pilot test registrations will run from September 2019 to June 2020. Registration will be scaled up and open to the public by July 2020. Overseas
Filipinos are targeted to be registered by 2021. The government has assured that citizens who have nothing to hide have nothing to fear about the new ID system. Leftist
groups have raised a howl against possible government abuse as the personal data gathered can allegedly be used to muzzle dissent and trample on the rights of the critics of the administration. The Supreme Court in the case of Ople v. Torres (July 23, 1998) struck down as unconstitutional thenPresident Fidel V. Ramos’s Administrative Order 308 which sought to implement a comprehensive ID reference system. The SC ruled that (a) it was not within the President’s power to do so as his AO would not be merely implementing existing laws but would “redefine some basic rights of citizens” (b) the AO lacked safeguards on peoples’ right to privacy. According to the PSA, the IRR has provisions for protection against unlawful disclosure of information/ records (Rule 5, Section 21) and privacy, security and safeguards to ensure the integrity of the PhilSys (Rule 5, Section 22). The Data Privacy Act of 2012 and the PhilSys Act (incorporated by reference in
corrupt BuCor functionaries who have fleeced the last centavo from the poor families of the convicted felons, some of them have opted to stay in shanties within the perimeter of the New Bilibid Prison just to be near their incarcerated husbands or sons. Nothing is more wicked than to make money out of a desperate situation. The overwhelming demand is that these depraved officials should be hounded out of their jobs, and punished to the full extent of the law. It gives us hope to find out that Filipinos still find it repugnant and will have no hesitation to collectively denounce venalities in government, which are openly foisted upon them. I’ve been following up this case since I have this subject, which I’ve written about it in this column many issues ago and now finally the verdict is out. Remember the French rooster, Maurice, who was accused of disturbing the peace with his intermittent crowing before dawn everyday. A retired couple that bought a holiday home next to the hen house sued their neighbor who owned Maurice. Many considered the lawsuit as a threat to rural heritage and country life by urbanites and city dwellers. In its decision, the Court castigated the plaintiff for bringing a frivolous suit and said that the parties should have settled it amicably. Hooray to the Court for upholding the rights of the cows to moo, the horses to neigh, the cats to meow and the donkeys to bray but this does not cover protection against whining and nagging!
cases where the payors are not within their territorial jurisdictions. On the part of the income payors, it would be very inconvenient for them to be remitting taxes withheld to different LGUs. For internal revenue taxes, remittance of taxes withheld will only be made to one entity, which is the Bureau of Internal Revenue, specifically, to the Revenue District Office having jurisdiction over the income payor. For local taxes, it would not be proper to remit taxes withheld only to the LGU having jurisdiction over the income payor, as the income recipient could be under the jurisdiction of another LGU. At the very least, the tax withheld should accrue and should be remitted to the LGU having jurisdiction over the income recipient. The withholding of local tax therefore is not likewise administratively feasible, a must requirement for a sound tax system.
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 403-2001 local 140.
RA 11055) have strict controls over what circumstances the data in the PhilSys registry can be accessed and shared. Furthermore, the Privacyby-Designs-features ensure that PSN holders have full control over the access and use of their personal data. The present ID System is not by Executive/Administrative Order from the President. It is legislated by Congress. The “wisdom” of the law is, however, not a justiciable issue and may fall under “political question” which the SC, more often than not, will not rule on. However, the issue of privacy intrusion and violation of the fundamental rights can be tested in the SC, the final arbiter of what is constitutional or not. For the meantime, what the current administration has to work on is the issue of trust. Can our people trust that this government will not use the data gathered for witch hunting purposes and stifling dissent? Sadly, trust cannot be legislated. It has to be earned!
2nd Front Page BusinessMirror
A8 Tuesday, September 10, 2019
Despite billions for CCT, PHL ‘must spend more for welfare’
D
By Cai U. Ordinario
@caiordinario
ESPITE the success of the Conditional Cash Transfer (CCT) program in the Philippines, the National Economic and Development Authority (Neda) believes the country needs to do more to ensure the welfare of Filipinos. At the sidelines of the first day of the Social Protection Week at the Asian Development Bank (ADB) on Monday, Socioeconomic Planning Secretary Ernesto M.
Pernia said the Philippines may not be spending enough for social protection. Per n i a l a mented t h at t he country’s social protection bud-
“A considerable number of Filipinos [live] below the poverty line. We must continue to work together to help the poor and the vulnerable become self-sufficient and self-reliant.”— Pernia
get is currently being handled by various agencies such as the Department of Social Welfare and Development (DSWD) and the Department of Labor and Employment (DOLE). “[Are we spending enough for social protection?] Probably not. That [amount] I have to [check]. I don’t even know what exactly will be considered [as a] social protection
MEDIA, NGO HARDEST HIT AS TRUST IN 6 PILLARS DIPS ON DISINFORMATION By Elijah Felice E. Rosales @alyasjah
T
budget because DSWD has its own budget and so does DOLE,” Pernia told reporters. Apart from the budget, efforts to improve the implementation and delivery of these social services are needed. Pernia said leakages in these programs remain. He said in some cases, identification cards owned by CCT beneficiaries are loaned to non-CCT beneficiaries. He said these programs also encounter delays in the release of funding or budget programming. In terms of leakages, Pernia hopes the full implementation of the PhilSys or the National ID program will put an end to these practices.
HE media and nongovernment organizations (NGOs) took the largest hit from the rise of disinformation and fake news under the Duterte administration, as trust ratings in these two institutions dropped significant digits over the past two years, according to a survey. According to EON Group’s Philippine Trust Index (PTI), trust levels across all institutions dipped over the past two years, signifying an overall decline in how the public see the church, academe, government, media, business and NGOs. Of these six, the media and NGOs endured the largest hits, which experts attributed to a series of events that took place during the period. The PTI, which was released to the public on Monday, reported trust in the media declined by nearly double digits to 69 percent, from 78 percent in 2017. Among the general public, trust in traditional media remains at a high of 80 percent in TV networks; 74 percent in radio; and 63 percent in print. On the other hand, in spite of high social-media usage, Filipinos are hesitant to believe everything the digital media has to say. Trust in social media nearly breached the halfway mark at 51 percent, while in online news sites it was at 44 percent and in blogs, 33 percent. However, more and more consumers of information are becoming wary of how media outfits deliver their news. There has been a general decline in the trust drivers of the media, as all five indicators of trust in the institution suffered a drop of at least 6 percent. For one, fewer Filipinos believe journalists report only the truth and nothing but—at 72 percent, from 84 percent in 2017. Al Jazeera English Correspondent Jamela Alindogan said this could
See “CCT,” A2
GCTA probe expands as jail can of worms bared By Butch Fernandez
S
@butchfBM
ENATE probers firmed up a consensus Monday to fasttrack remedial legislation mandating major reforms in the national penitentiary amid the scandal over the grant—for a fee —of good conduct time allowance
(GCTA) to prisoners serving time for heinous crimes as a way to cut short their prison terms. Senate President Vicente Sotto III indicated Monday that senators are poised to craft sweeping prison reforms arising from findings of the joint inquiry being conducted by the Committees on Justice and Human Rights, Constitutional Amendments
and Revision of Codes, Public Order and Dangerous Drugs and Finance. “Not only reform the people inside [prisons], we reform the entire penitentiary system,” Sotto said. The Senate leader cited reports reaching probers indicating a “topto-bottom prison anomaly” requiring drastic reforms in the existing penal system, especially with the
abuse of the law expanding GCTA to deserving convicts as a means of declogging prisons. This, even as Sen. Panfilo Lacson observed that prison officers testifying at Monday’s inquiry appeared to be evasive in their replies under questioning, triggering suspicions they were out to mislead the Senate inquiry. See “GCTA,” A2
Budget. . .
Continued from A1
LOW PRESSURE AREA 580 KM NORTHEAST OF BASCO, BATANES SOUTHWEST MONSOON AFFECTING LUZON as of 4:00 pm - September 9, 2019
The government revenue collections are expected to reach P3.536 trillion in 2020, a figure that is 12.3 percent higher than this year’s targeted level of P3.1 trillion. This will fund 83.9 percent of programmed disbursements for 2020. Meanwhile, the total gross borrowings for 2020 amount to P1.4 trillion. With a borrowing mix policy of 75:25 in favor of domestic sources, P1.047 trillion will be sourced locally and the rest, P353.2 billion, will come from abroad. Of the total gross borrowings, P677.6 billion will finance the deficit, which is equivalent to 3.2 percent of GDP. Meanwhile, the top 10 agencies to get the biggest allocations next year are: Department of Education, P673 billion; Department of Public Works and Highways, P534 billion; Department of the Interior and Local Government, P238 billion; Department of Social Welfare and Development, P195 billion; Department of National Defense, P189 billion; Department of Health, P166.5 billion; Department of Transportation, P147 billion; Department of Agriculture, P56.8 billion, the Judiciary, P38.7 billion and Department of Environment and Natural Resources, P26.4 billion.
Priority measures
THE 2020 NEP will also finance the implementation of priority measures of the administration. Among the critical programs are measures to implement new laws and policies that provide economic and social assistance to all Filipinos, and enhance the security of the nation, such as the: full implementation of the Universal Health Care Act, institutionalization of the Pantawid Pamilyang Pilipino Program, smooth transition to the Bangsamoro Autonomous Region in Muslim Mindanao, implementation of the Rice Trade Liberalization Act, creation of the Department for Human Settlements and Urban Development, and National Task Force to End Local Communist Armed Conflict. The government said the UHC program is allocated P166.5 billion; and the Pantawid Pamilyang Pilipino Program (4Ps) Act, P108.8 billion. Pursuant to the Bangsamoro Organic Law, P70.6 billion is allocated for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Republic Act 11203, or the Rice Trade Liberalization Act, mandates the creation of the P10-billion Rice Competitiveness Enhancement Fund (RCEF). Following the enactment of RA 11201, or the Department of Human Settlements and Urban Development (DHSUD) Act, the 2020 budget allocates an amount of P641.6 million to support the initial operations of the department. Jovee Marie N. Dela Cruz
www.businessmirror.com.ph
be attributed to the disinformation campaign rampant online under the Duterte administration. It also did not help, she argued, that President Duterte himself is attacking his critics every now and then, one of the casualties being certain press personalities.
Trust in NGOs
ON the other hand, trust in NGOs slumped by 22 percent to 37 percent, from 59 percent in 2017, the PTI reported. According to the index, while it is true Filipinos turn to NGOs to seek help, the institutions are under scrutiny for some questionable agendas. From six, only five in 10 Filipinos believe NGOs are incorruptible and free from political interests. The PTI further reported trust in the government dropped to 76 percent, from 80 percent in 2017, which political analyst Richard Heydarian said should not be alarming for the state, but should be taken into context by the public. Heydarian said there is a general stability in the public’s trust and confidence in the President and his administration, as Duterte has a Mindanao base that he could use whatever happens to the political landscape. Citing data from the PTI, Heydarian argued that the highest trust level in the government is in Mindanao at 89 percent, while the lowest it got is in Metro Manila at 63 percent. All trust drivers in the government declined by at least 5 percent, but the most significant is in the number of Filipinos trusting authorities will put corrupt politicians to jail, slipping to 69 percent, from 82 percent in 2017. Meanwhile, trust in the church and in the academe remains at a high at 90 percent, from 93 percent; while in business, it’s at 71 percent, from 75 percent. Among business sectors, the health care services was the most trusted, while the mining industry was the least.
Stop DOE order letting DUs pick 3rd party in power CSPs, SC told By Joel R. San Juan
T
@jrsanjuan1573
HE Supreme Court was asked on Monday to stop the Energy Regulatory Commission (ERC) from implementing a circular allowing distribution utilities to select the “third party” that will supervise the conduct of a competitive selection process (CSP) on all power supply agreements (PSAs). The 61-page petition filed by party-list group Bayan Muna through its chairman Neri Colmenares and Rep. Carlos Zarate argued that Energy Department Circular 2018-02-0003— which repealed Sections 3, 4, as well as other provisions of DC 2015-060008—is void for violating policies and provisions intended to protect consumers under the Electric Power Industry Reform Act (Epira) of 2001 and the Constitution. Section 3, deemed the core provision of DC 2015-06-0008, enjoins all DUs to procure PSAs on ly t h rou g h C SP conduc te d through a third party recognized by the ERC and the Department of Energy (DOE). “Section 3 ensures that the DU does not have complete control of the bidding process so the said DU cannot frame the terms of references to favor affiliates, associate firm or selected suppliers,” the petitioner noted. It added that a third-party auctioneer recognized by the ERC and DOE or the National Electrification Agency (NEA), according to the petitioner, is intended to ensure a sense of checks and balance, as well as transparency, in the bidding process. On the other hand, Section 4 grants the DOE and the ERC not only the power to issue guidelines but also
a continuing role to monitor compliance with its guidelines in the design and execution of the CSP, which redounds to greater transparency in the procurement of electric supply. However, on February 1, 2018, the petitioner pointed out that amid criticism of Manila Electric Co.’s (Meralco) failure to conduct CSP, the DOE suddenly issued the assailed DC 2018-02-0003 repealing Sections 3 and 4 as well as other provisions of DC 2015-06-0008. This, petitioner claimed, essentially reversed its policy for a genuine CSP supervised by a duly recognized third party. “The fact that the DU appoints all the members of the third-party bids and awards committee [TPBAC] no longer makes a bids and awards committee ‘third party’ despite the token name. Section 5…of DC 201802-0003 therefore, expressly brings back the control of the bidding process to the DU by repealing the mandatory requirement of a third party,” the petitioner explained. Section 7 of DC 2018-02-0003, according to the petitioner, relegates the DOE from one who will decide which third party to recognize and come out with guidelines to guide DU in the design and implementation of the CSP, to a mere observer that cannot even be involved in deliberations of TPBAC, which has the power to select the winning bid. The petitioner said the DOE has the duty to ensure the CSP processes are insulated from illegal self-dealing, and craft policies that plug the gaps that allow self dealing. “What the DOE did was to render the entire process vulnerable to abuse of dominant market by a monopoly of the captive market of the DUs,” the petitioner said.
News BusinessMirror
www.businessmirror.com.ph
Bill proposes ‘liberal’ entry of foreign construction contractors
T
O put foreign contractors on equal footing with their local counterparts, drive down costs in the construction industry, and bring in new technology, Sen. Sherwin Gatchalian has proposed the amendment of the 54-year-old Contractors’ License law. Gatchalian has recently filed Senate Bill 1008, which the lawmaker said seeks to amend Republic Act (RA) 4566, to promote competition and investments in the construction contracting services industry. The bill, according to the lawmaker, will help foster true competition in government public works projects by liberalizing the entry of foreign contractors into the industry. “ The construction industry plays a vital role to national economic development as a provider of production inputs and as a consumer of services and products from other sectors,” Gatchalian said. “However, the nationality requirement in the granting of licenses has created a substantial barrier to entry of new contractors, thereby hindering the growth of the construction industry.” “Essentially, these government restrictions on foreign participation in the construction industry create distortions that reduce competitive pressure, reward poor performance, and distort incentives to innovate,” he added. Should the bill become law, the nationality requirements in granting licenses to new contractors will be removed. Furthermore, the bill inserts a new Section 17 to RA 4566, which states that persons, regardless of nationality or citizenship, properly licensed and registered with the board may be allowed to practice construction contracting in the country. The bill also adds a reciprocity clause wherein foreign contractors may only be allowed to practice construction contracting if Filipino contractors are also allowed to operate in their respective countries. “The Philippine government has to balance the need to supervise and regulate the construction industry for public safety with the need to ensure a level playing field that would generate growth due to considerable scope for learning by doing, knowledge generation, expansion of product variety, and an upgrade on product quality in the construction industry,” Gatchalian said. “This…bill seeks to provide a level playing field and extend equal opportunities to eligible and qualified domestic and foreign contractors by removing barriers to entry of new players, including government restrictions that hinder potential economic growth,” he added. Gatchalian stressed that the Philippine Competition Commission (PCC) shares his view of giving foreign investors equal footing in the construction contracting services industry.
POEA says 4,498 OFWs applied for jobs abroad under govt-to-govt deal from January to July
S
By Samuel P. Medenilla
@sam_medenilla
OUTH Korea is the top destination for overseas Filipino workers (OFW), who are applying for the Philippine Overseas Employment Administration’s (POEA) governmentto-government arrangement.
Based from data from POEA’s Government Placement Branch, more than half, or 2,782 of the 4,498 applicants of the government-to-government arrangement from January to July, are bound for South Korea. POEA said the applicants were accepted and deployed under the Employment Permit System of South Korea. “A factory worker in South Korean can earn as much $1,200 or
M
P60,000 every month,” the POEA said in a news statement. Vacancies from the Saudi Arabia Ministry of Health came in second place with 1,188 applicants from the Saudi Recruitment Office (SRO). “The OFWs include doctors, dentists, pharmacists, midwives, medical technicians, nurses and administrative staff,” POEA said. Coming in third and fourth place, are Japan and Germany
with 330 and 150 applicants, respectively. The vacancies from Japan are for nurses and caregivers under the Japan-Philippine Economic Partnership Agreement, while that from Germany are from the Triple Win Program. The remaining 102 applicants from the government-to-government arrangement were deployed in Taiwan and the United Arab Emirates.
Pernia, Dominguez see no inflation spike after ASF report By Cai U. Ordinario @caiordinario
T
HE President’s economic team downplayed on Monday the potential impact of the African swine fever (ASF) on inflation. In separate interviews, Socioeconomic Planning Secretary Ernesto M. Pernia and Finance Secretary Carlos G. Dominguez III said inflation will not spike just merely upon the declaration of ASF in some hog farms. Pernia said chicken can be a good substitute for pork and this will ensure that households are able to afford meat at this time. “It’s [ASF] a concern but there are substitutes to pork such as poultry, beef and fish,” Dominguez told reporters. “Inflation is not going to spike for sure,” Pernia stressed. L oc a l econom i st s suc h a s UnionBank Chief Economist Ruben Carlo O. Asuncion told BusinessMirror that initially, consumers are expected to switch their consumption to other meat products like chicken, beef and seafood. However, this is just temporary and pork prices are expected to rise further as the holiday season approaches. This is expected
PERSONNEL from the Department of Agriculture’s Bureau of Animal Industry haul meat shipments seized at the Ninoy Aquino International Airport Terminal for disposal, following confirmation that the African swine fever virus has infested some hog farms in Luzon. Members of the Duterte administration’s economic team, however, assured that the ASF infestation would unlikely trigger a spike in inflation. NONIE REYES
Villar asks DSWD to source 4Ps rice subsidy from local farmers
S
EN. Cynthia A. Villar has asked the Department of Social Welfare and Development (DSWD) to revisit a proposal raised last year to provide rice to the beneficiaries of the government’s conditional cash transfer (CCT) program and buy rice from local farmers. Villar, chairman of the Senate Committee on Agriculture and Food, said “DSWD can help ease difficulties as we transition to the ‘tariffied’ rice importation regime by using its P28-billion rice subsidy under the Pantawid Pamilyang Pilipino Program [4Ps] to buy rice from local farmers.” Aside from health and education grants, 4Ps household-beneficiaries are entitled to a 20-kilo rice subsidy per month but were given cash instead of rice. “Last year, this proposal was shelved because of logistical requirements. But I want them to take another look at this lalo na ngayon at naghahanap tayo ng paraan para matulungan ang mga magsasaka na maitawid sila sa transition phase ng rice tariffication law [especially now in this crucial period that we are looking for ways to help our farmers in this transition phase]. Siguro kahit mahirap, gawin na natin kung ito ang makakatulong sa kanila [no matter how difficult it may be, let’s finds ways to help them],” Villar said.
The Nacionalista Party senator said if the proposal pushes through, local farmers will now have a market for their rice produce and will be cushioned by the effects of the entry of cheaper rice imports. “I hope, given our situation now, our government will be more receptive of this proposal as we wait for the full benefits of the rice tariffication law to be felt by the local industry,” Villar said. Republic Act 11203, which took effect in March this year, replaced the quantitative restriction on the importation of rice with tariffs, which is collected to fund the P10-billion Rice Competitiveness Enhancement Fund (RCEF). Among the benefits local farmers will get from the full and proper implementation of the law is increased productivity and incomes through farm mechanization, production of inbred seeds, access to cheap credit and improved skills. Last year, a plan was devised where local farmers will produce rice for 4Ps beneficiaries in their community. Rice will be available from the Bigasan ng Bayan, which the Department of Agriculture will open within the area, doing away with transport costs. Villar has been advocating for a CCT program tied up with agriculture like what is being done in Thailand.
Trust President’s words, Palace tells Chiong family By Bernadette D. Nicolas
Editor: Vittorio V. Vitug • Tuesday, September 10, 2019 A9
@BNicolasBM
ALACAÑANG has appealed to the mother of Chiong sisters to trust President Duterte’s words after the chief executive vouched for the integrity of sacked Bureau of Corrections chief Nicanor Faeldon. This was Presidential Spokesman and chief Presidential Legal Counsel Salvador S. Panelo’s response in a Palace briefing after Thelma Chiong, mother of rape-slay victims Marijoy and Jacqueline, expressed her disappointment by walking out of the presidential event in Cebu on Friday in protest. Addressing Chiong sisters’ mom, Panelo said: “Mrs. Chiong, the President knows Mr. Faeldon
personally. And there have been experience in the past that gave him the trust to him remaining until now. If you haven’t known it yet, he has repeatedly said, the smuggling of Mighty cigarettes would not have been exposed if Mr. Faeldon kept quiet. He could have earned billions because we were able to get about P37 billion out of that. So, I would suggest trust the President’s words.” Just two days after he announced that he is firing Faeldon for disobeying him, the President said in a speech on Friday in Naga, Cebu, that he still trusts Faeldon, describing him as a “decent man.” The statement from the President shocked the parents of the Chiong sisters, Thelma and Dionisio, who even traveled all the way from Cebu
to slow down the decline in the inflation rate. For his part, Rizal Commercial Banking Corp. (RCBC) Economist Michael L. Ricafort said there could be an uptick in pork prices due to supply constraints. This could lead to higher inflation in the coming months, especially since meat food products account for about 6.25 percent of the Consumer Price Index (CPI). “The government through its nonmonetary measures since late 2018 to increase imports of food items such as pork from countries that are still free from ASF, such as the US, which is a major source of pork imports for the country [especially in view of the US-China trade war that could lead to some diversion and increase of US pork exports to the Philippines], could help increase local supply of pork and lower pork prices, in an effort to better manage inflation,” Ricafort said in an e-mail to the BusinessMirror. In terms of full-year inflation, Pernia said, the increase in commodity prices may be slower than 3.2 percent in 2019, despite the ASF and expected spike in holiday spending. Asuncion and Ricafort agreed. Asuncion said inflation is still expected to settle at 2.8 percent for 2019 and 2.4 percent for 2020.
Comelec urges lawmakers to decide on possible deferment BSKE in ’20
T
O prevent possible unnecessary preparatory expenses, the Commission on Elections (Comelec) will renew its appeal to lawmakers this week to finally decide on the bill postponing the 2020 Barangay and Sangguniang Kabataan Elections (BSKE). “We are concerned with the preparatory cost, which may end up being wasted [if the BSKE will not push through],” Comelec Chairman Sheriff Abas said in a news conference last Thursday. The poll body chief said they hope Congress would come up with a decision on the matter before the end of the year. He said they had already relayed this request to lawmakers during a Senate hearing last week. “We discussed if they could make it [the decision] asap since it will affect many people,” Abas said.
to Naga just to personally thank the President for firing Faeldon and ordering the rearrest of their daughters’ killers. Moreover, Panelo also urged Thelma to monitor the Senate hearing on the controversy on Good Conduct Time Allowance, adding that it “appears that the corruption is on the lower level” based on the testimonies that he heard so far. Panelo said it was Faeldon’s honesty that the President admires, especially since he was the one who discovered that the cigarette maker Mighty Corp. was using fake stamps. Later on, Mighty was forced to pay the government P30 billion to settle its tax arrears and deficiencies before closing shop.
“In fairness to both Houses [of Congress], they already have committee hearings on the postponement,” he added. Comelec’s preparation for the 2020 BSKE is still ongoing, albeit at a slower pace for now pending the passage of the bill resetting it to a new date. These measures include the ongoing voter registration, bidding of supplies and services it will need for the said electoral activity, and issuing the necessary regulations for it. Comelec Spokesman James B. Jimenez earlier said the bill will also affect 2020 BSKE candidates, who will be shelling out cash for campaign materials ahead of the conduct of the said polls on May 11, 2020. Last July, President Duterte said he wants to defer the conduct of the upcoming BSKE to 2022. Samuel P. Medenilla
Naguio, 53
DAISY G. NAGUIO, 53, passed away on August 28, 2019 in San Antonio, Texas, USA. Born on July 13, 1966 in the Philippines to Abraham Naguio and Columbia Gojar Naguio, Diasy is survived by her sisters Mayette, Gemma and Zyra, brother Arnie, nieces Crissel, Kathrina, Gracie and Ela, nephew Logan, grandniece Kalel and numerous relatives and friends.
Her cremated remains will be brought back to the Philippines.
A10
Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Tuesday, September 10, 2019 A11
A12 Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Tuesday, September 10, 2019 A13
A14 Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Tuesday, September 10, 2019 A15
A16 Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Tuesday, September 10, 2019 A17
A18 Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
www.businessmirror.com.ph
BusinessMirror
Tuesday, September 10, 2019 A19
A20 Tuesday, September 10, 2019
BusinessMirror
www.businessmirror.com.ph
If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.
ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR
www.businessmirror.com.ph
Companies BusinessMirror
Tuesday, September 10, 2019
B1
Fruitas finally files for ₧1.2-B IPO F By VG Cabuag
@villygc
OOD and beverage kiosk operator Fruitas Holdings Inc. has finally filed for its P1.2-billion initial public offering (IPO) with the Securities and Exchange Commission (SEC) to fund its store network expansion and store improvement. The company, which for years has been considering going public, said it will offer up to 533.66 million primary common shares with an overallotment option of up to 68.34 million common shares at a maximum price of P1.99 apiece. Gross primary proceeds can reach a maximum of P1.06 billion and the total IPO could reach P1.2 billion. Other proceeds will go to its commissary expansion, ex-
pansion of its food park business, acquisitions, introduction of new concepts and debt repayment, the company said. After its IPO, the company’s public float can reach up to 28.2 percent of the company’s total issued shares. “The proceeds will be used to fund our store network expansion across the Philippines and expand our commissary to serve more customers. New capital will also
FILE PHOTO FROM FRUITAS FACEBOOK PAGE
be used toward acquisition of food service businesses and introduction of new concepts which have a strategic fit with our operations,” Fruitas
President and CEO Lester Yu said. “We view the potential listing on the Philippine Stock Exchange [PSE] as part of our growth journey and
Opening up telco market to 4th, 5th player hinges on 3 things–Honasan By Lorenz S. Marasigan @lorenzmarasigan
T
HE prospect of opening up the telco market anew to a fourth or maybe a fifth major player hinges on three things— the first-year performance of the third mobile operator, the issuance of new policies on the equitable distribution of radio spectrum and common telco infrastructure. Department of Information and Communications Technology (DICT) Secretary Gregorio B. Honasan II said the government is studying the probability of introducing new competition in the telco market, as enhanced competition results in better services and lower market prices. “The more competition the better, but they have to go through the appropriate process. We saw the reaction of the other players when we had the third telco initiative—they added capital and the net effect is improved services and cheaper costs. This is what we are hoping for, as it will serve the public interest, and our interest also,” he said in a chance interview. The viability of this idea, Honasan said, will depend on how Dito Telecommunity Inc., the corporate vehicle of Mislatel Consortium for the third telco license, will affect the industry during its maiden rollout. “[We’ll see] if it achieves the objectives of lowering costs and improving services. We have no timetable yet, we have to look at the third telco endeavor. What we want
to do is conduct a performance audit on the process and performance of the third telco; if they perform well, then we will consider the introduction of a fourth or a fifth player,” he explained.
Rationalizing frequencies
ISSUES pertaining to soft and hard infrastructure in the industry should also be threshed out first before this initiative comes to play. To do this, Honasan said the ICT department will craft policies on the equitable distribution of frequencies and practices on infrastructure sharing. “We will rationalize frequencies as well. It will require us getting back frequencies that are allocated—it requires a frequency management policy, which we will hammer out so that the intervention is beyond the allocation,” he said. National Telecommunications Commission (NTC) Deputy Commissioner Edgardo V. Cabarios noted that his group is supportive of this idea, as this could potentially help improve the telco services in the Philippines. “The commission is considering the review of the allocation and assignment of the radio spectrum for mobile networks, particularly in the low, mid and high bands,” he said. Data from the telco regulator showed that Smart Communications Inc. has rights to 38.3 percent of the total spectrum holdings in the country. Globe Telecom Inc. has rights to 28.36 percent; Dito
Telecommunity, 18.6 percent; and the balance is distributed among other broadcasting companies and government offices. Cabarios noted that currently, there is no more frequency left for a potential new entrant in the mobile telecommunications space. “We haven’t opened anything yet, because all of the available frequencies in the past are awarded to the third player. There are plans of adding in the low band and the reallocation of spectrum being used by broadcast, but these are still for study,” he said. In particular, Cabarios said his group is studying adding more frequencies in the 700 megahertz, 800 MHz, 900 MHz, and the 2,100 MHz band, as well as the reallocation of the 3,600 gigahertz to 4,200 GHz bands for mobile use. “We have to talk to present users and come up with strategies on how to reallocate, and we have to design measures for them to give it back and come up with a solution. This cannot be unilaterally done,” he said. Honasan added that his group will implement a review of the usage of frequencies in the country to determine which ones could be reallocated or reassigned. Industry experts and consumer groups have been pushing for the development of a spectrum management policy over the past halfdecade, with some of them suggesting the government to auction frequencies off to ensure the proper and
optimal use of the telco real estate.
Shared infrastructure
ANOTHER issue to be ironed out before the new competition in the telco market comes in is the policy on shared infrastructure. “We are now crafting the common tower policy,” Honasan said. “Within the month, we may have the first draft of the policy, which will change the landscape.” He explained that initial proposals for the policy include an open market practice. “There will be two modes for that—either bidding or unsolicited proposals. But we want the faster track because we should have done this yesterday,” Honasan said. Currently, there are a number of common tower players that signed memoranda of understanding for the construction of shared towers across Luzon, Visayas and Mindanao. The government aims to put up at least 50,000 new common towers to help improve tower density in the country and provide end users with better Internet services. The country only has 17,850 towers, which is way below its neighbors’ infrastructure count. Honasan noted that the prospect for new competition in the telco market—currently dominated by only two players that share over 100 million subscribers—is still an idea that is under the Fourth Industrial Revolution. “What we want to do is to galvanize them into action,” he said.
EDC teams up with Cebu’s USC, Knowles to preserve, propagate native tree species
L
OPEZ-LED Energy Development Corp. (EDC) has partnered with the University of San Carlos (USC) campus in Talamban and Knowles Electronics Phils. Corp. to preserve and propagate native tree species. EDC’s Binhi arboretum will ensure that species, such as narra, mangkono and molave will soon be grown and propagated in Cebu City. Binhi is EDC’s forest restoration and biodiversity preservation program that aims to save endangered premium Philippine timber tree species by planting their seedlings in school grounds, public parks and other areas that provide a safe haven for the long-term survival of these future mother trees. USC and Knowles Electronics Phils. Corp. have both committed to ensure the sustainability of this initiative in line with their dedication to
environmental conservation. As part of the agreement, USC’s campus in Talamban will host a permanent designated area for premium and threatened Philippine tree species, supported by planting and promotional activities, as well as funding from Knowles. EDC will provide the seedlings along with technical assistance for the protection and maintenance of the trees, including labeling and scientific monitoring. This is EDC’s 11th arboretum since 2008. “This partnership with the University of San Carlos and Knowles Electronics is another valued synergy adding to our long list of collaborations from various sectors of business and society under Binhi,” said EDC Corporate Social Responsibility (CSR) and Public Relations Head Atty. Allan Barcena.
“We are heartened with these synergies because they are an important indicator of how involved and committed many Filipino stakeholders are in the quest toward sustainable progress, and how they share in our vision for a greener energy future,” he added. Cebu-based Knowles is the world’s largest manufacturer of audio-processing and precision device solutions. Its aim is to contribute to a better quality of life not only today but even for the future through its business and through its various CSR programs for the community and for the environment. “With each tree that is planted and grown, may we also sow seeds of inspiration with courage in the hearts of our youth so they may continue to uphold and foster our commitment to Mother Earth,” said Knowles Vice President
and Managing Director Joseph Emmanuel Liwag in his message at the recently concluded Binhi partnership signing ceremony. EDC is a global pioneer in geothermal energy and the country’s largest renewableenergy company, delivering 1,457.8 megawatts of clean and renewable energy to the Philippines. It has been supplying clean, reliable geothermal energy to Cebu City and other parts of the country for almost 40 years. As of 2018, EDC’s Binhi has identified and rescued 96 species of prime and endangered Philippine hardwood. A total of 175,685 seedlings have been raised in central and satellite nurseries, distributed and planted across 3,214 hectares with the help of its 173 partner organizations and 88 farmers associations. Lenie Lectura
are excited to have taken the first step by filing our registration statement,” he said. Subject to regulatory approvals,
Fruitas said its offer period will run from November 18 to 22 and it targets to list at the PSE before the end of the year. Over the past years, the group has expanded from more than 400 stores in 2016 to 949 stores as of 2019. In 2018, Fruitas reported P1.58 billion in consolidated revenue, a 37-percent increase from its P1.15-billion revenue in 2017, which was driven by strong performance of its stores. Fruitas currently has over 20 brands in its portfolio, including household names and food parks. Fruitas recently acquired Negril Trading, the company housing De Original Jamaican Pattie Shop and Juice Bar in 2015, and the assets of Sabroso Lechon in 2018. BDO Capital and Investment Corp. and First Metro Investment Corp. have been appointed as joint issue managers, joint book runners and joint lead underwriters for the offering.
Meralco rates down anew in Sept on improved supply, NSS refund By Lenie Lectura @llectura
T
HE Manila Electric Co. announced Monday that overall electricity rates decreased to P9.0414 per kilowatt-hour this month from last month’s P9.5674 per kWh, mainly due to improved power supply and a refund of net settlement surplus (NSS). The downward adjustment of P0.5260 per kWh will mean a decrease of around P105 in the typical household consuming 200 kWh. This is the fifth consecutive month of a power rate decrease. Since April this year, consumers enjoyed a reduction of almost P1.52 per kWh. Generation charge, which makes up bulk of what consumers pay for their electricity, went down to P4.5191 per kWh for September from P4.9620 per kWh last month. The generation charge decrease is primarily due to lower charges from the Wholesale Electricity Spot Market, the country’s electricity trading floor. The share of WESM to Meralco’s supply needs went up to 17 percent. WESM charges decreased by P3.6503 per kWh mainly due to improved supply conditions in the Luzon grid. There were no incidents of yellow or red alerts during the whole supply month as compared to nine yellow alerts in July.
NSS refund
CONTRIBUTING to the lower WESM rate is the refund of NSS by the Energy Regulatory Commission, which found inconsistencies in how the Philippine Electricity
Market Corp. allocated the NSS from June 2018 to May 2019. It ordered PEMC to refund a total of P1.774 billion. Of the amount, P1.08 billion will be refunded to Meralco customers; P321.96 to customers of other distribution utilities and electric cooperatives; and the remaining P371 million to generation companies, retail electricity suppliers and directlyconnected customers. Cost of power from the power supply agreements (PSAs) decreased by P0.1522 per kWh due to lower fuel prices. On the other hand, cost of power from the Independent Power Producers increased by P0.4844 per kWh because of lower average plant dispatch and weakening of the peso against the US dollar. Around 95 percent of IPP costs are dollar-denominated. PSAs and IPPs provided 44 percent and 39 percent of Meralco’s supply needs, respectively. Transmission charge for residential customers, meanwhile, went up by P0.0056 per kWh. This, however, was offset as taxes and other charges went down by P0.0886 per kWh. Meralco’s distribution, supply, and metering charges, meanwhile, have remained unchanged for 50 months. The country’s largest power distribution firm does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the National Grid Corp. of the Philippines. Taxes and other public policy charges like the FiT-All rate are remitted to the government.
Eternal Plans to inaugurate new office in Bacolod City
L
EADING preneed company Eternal Plans Inc. will celebrate the inauguration of its new office at Doors 3 and 4, First Floor, Plaza Mart City Mall, Araneta Street, Bacolod City, on Monday, September 16, 2019. Gracing the special event as guests of honor are Bacolod City councilors Wilson Gamboa Jr., Ann Marie Palermo and Barangay Chairman Eli Alcantara Jr. They will be welcomed by EPI officers headed by Rolando B. Bongalon,
senior assistant vice president for Sales. The celebration will begin with a thanksgiving mass, followed by the ribbon-cutting ceremony and blessing of the new office. After the ceremony, there will be an orientation training of new sales associates, plus other fun activities for all attendees and the mall goers. Eternal Plans Inc. is part of the ALC Group of Cos. founded by the late Ambassador Antonio L. Cabangon Chua.
B2
Companies BusinessMirror
Tuesday, September 10, 2019
PSE STOCK QUOTATIONS
September 9, 2019
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BDO LEASING COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
55.5 142.4 92.5 25.85 12.08 70.1 13.04 46.4 57.7 27.5 201.6 59.4 2.01 18 4.76 7.71 1.25 0.45 721 0.93 184.3 1750 1.1
56.95 142.5 92.7 25.9 12.1 70.15 13.1 46.7 57.8 27.9 205 59.5 2.14 18.58 4.85 8.63 1.27 0.455 750 0.94 185 1790 1.11
56 143.5 89.4 25.9 12.16 70.15 13 46.8 58 27.5 203.4 59.6 2.01 18.6 4.78 7.72 1.25 0.45 720 0.93 184.7 1790 1.11
57 144 92.75 26 12.18 70.4 13 46.8 58 27.9 205 59.6 2.01 18.6 4.86 7.72 1.25 0.45 720 0.94 185 1790 1.11
55.5 142.5 89 25.85 12.04 70.1 13 46.15 57.7 27.5 201 59.35 2 18.58 4.75 7.71 1.25 0.45 720 0.93 184.2 1790 1.11
57 142.5 92.7 25.9 12.08 70.15 13 46.4 57.75 27.5 205 59.4 2 18.58 4.85 7.71 1.25 0.45 720 0.94 185 1790 1.11
1770 1556070 1855050 271900 248600 1892170 700 86900 11900 4700 194800 5700 5000 500 133000 600 1000 120000 50 103000 1410 90 37000
98449.5 222286379 170652001.5 7034660 3003988 132862085 9100 4033560 688393.5 129410 39799904 338700.5 10040 9296 635200 4631 1250 54000 36000 96550 260677 161100 41070
INDUSTRIAL
-569.5 -104761844 110456831.5 -2486400 1390484 -51979005.5 -1655755 -448749 -5500 21184164 -260885 -3715.9999 -0 -
ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED LMG CHEMICALS MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG
36.1 0.241 26.3 83.15 358.2 22.15 5.13 4.37 2.94 10.48 33.35 7.1 15.72 16.2 13.9 5.9 8.97 7.21 91.7 0.69 50 225.8 49.5 8.36 14.2 0.191 2.05 12 1.7 5.05 2.1 0.123 169.5 1.27 72.85 77.7 2.71 6.01 15.02 9.92 14 19.3 9 1.05 1.22 115.9 2 1.6 5.05 3.3 5.12 31.1 2.19 8.88 1.62 5.27 1.14 11.78
36.6 0.245 26.35 83.2 361 22.2 5.14 4.49 2.95 10.7 33.4 7.2 15.78 17.2 13.96 6.05 9 7.22 92 0.71 50.45 227.2 50 8.38 14.24 0.207 2.06 12.04 1.71 5.1 2.22 0.125 170 1.28 75.15 80 2.72 6.1 15.08 10 14.2 19.32 9.1 1.08 1.23 124.9 2.05 1.7 5.13 3.39 5.25 32.8 2.2 8.93 1.64 5.3 1.19 11.8
36.4 0.242 26.4 83.5 358 22.2 5.1 4.42 2.95 10.82 33.1 7.19 15.8 16.2 14.06 5.88 8.83 7.25 91 0.69 51.2 230 49.95 8.38 13.92 0.209 2.08 12.02 1.6 5.1 2.2 0.125 168.6 1.2 72.85 78.5 2.83 6 15.16 10.02 14.08 19.22 9.1 1.08 1.22 115.6 2 1.6 5.06 3.25 5.23 32.5 2.18 8.6 1.63 5.3 1.21 12.6
36.6 0.247 26.45 84 361 22.3 5.15 4.49 3 10.82 33.7 7.2 15.8 17.2 14.06 6.1 9 7.25 92 0.71 51.2 232 50 8.38 14.26 0.209 2.08 12.04 1.76 5.1 2.2 0.125 170 1.3 75.2 80 2.88 6.08 15.16 10.1 14.08 19.4 9.1 1.08 1.25 117 2.05 1.74 5.13 3.39 5.3 33.5 2.2 9.08 1.64 5.3 1.23 12.8
36.05 0.241 26 83.15 358 22.1 5.1 4.35 2.93 10.46 33.1 7.1 15.7 16.2 13.86 5.87 8.81 7.22 90.05 0.69 50 225.8 49.95 8.36 13.78 0.209 1.97 11.84 1.59 5.1 2.2 0.125 166.8 1.2 72.8 77.3 2.72 6 15 9.92 13.5 19.22 9.1 1.05 1.22 115.6 2 1.6 5.05 3.25 5.16 31.1 2.15 8.6 1.61 5.3 1.12 11.6
36.6 0.245 26.3 83.2 361 22.2 5.13 4.49 2.95 10.7 33.4 7.2 15.78 17.2 13.9 6.05 9 7.22 92 0.71 50.45 225.8 50 8.36 14.2 0.209 2.05 12 1.7 5.1 2.2 0.125 169.5 1.28 75.15 80 2.72 6.01 15.02 10 14 19.3 9.1 1.08 1.23 116 2.05 1.74 5.05 3.39 5.16 31.1 2.2 8.88 1.64 5.3 1.19 11.8
282500 960000 592400 21320 106030 581600 402700 41000 22311000 228200 969700 156800 324700 36700 212600 51800 864800 343700 57120 271000 118250 403590 7100 5400 539800 40000 23481000 310100 3222000 5700 17000 320000 736410 15986000 650 980 8511000 75700 39900 21800 3254900 1783300 5000 172000 887000 340 80000 6000 35100 3000 98200 75900 10723000 494200 228000 200 765000 2936500
10220480 232450 15507835 1773991 38124486 12913210 2061397 179740 66319590 2411040 32377465 1125893 5118278 603130 2957084 306422 7,685,739( 2483271 5228368.5 188890 5977461.5 92044034 354920 45214 7616748 8360 47518400 3720318 5458060 29070 37400 40000 124751761 20082840 47715.5 75957.5 23700400 455483 600832 216560 44944262 34451990 45500 182060 1089070 39424 161700 9880 177465 10030 511619 2446170 23357470 4407637 373490 1060 904690 36049500
-7631180 2203630 -1040327 -7504046 6189000 27093 -645200 1050 -5939100 527380 334992 717186 -186030 3,443,451.0002) -1271462 -1058536 10500 4386565 -18479540 -59940 3863824 1287750 129984 -18869.9999 5108469 1873420 -517470 241600 1984 -15832748 5891084 -174760 -1168790 1202170 -82248 -1210 150464
ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS ZEUS HLDG
0.89 14.58 905 52.4 12.14 3.37 6.93 0.77 1.19 6.77 8.84 13.42 0.23 917 5.9 71.35 5.36 5.26 0.485 4.51 14.66 0.65 5.15 0.039 1.33 2.92 1.3 1030 175.2 0.84 2.41 234 0.23 0.245
0.9 14.82 907 52.7 12.2 3.38 7 0.78 1.2 6.78 8.85 13.62 0.245 921 6 72 6.46 5.94 0.495 4.54 14.8 0.66 5.16 0.04 1.34 2.94 1.32 1034 176 0.86 2.6 241.8 0.235 0.248
0.89 15 905 52.2 12.44 3.4 7 0.79 1.24 6.79 8.83 13.52 0.235 900.5 5.9 71 5.35 5.26 0.49 4.56 14.96 0.64 5.2 0.038 1.39 2.75 1.33 1048 175 0.87 2.42 235.2 0.235 0.249
0.93 15 913.5 52.7 12.44 3.42 7 0.8 1.24 6.82 8.96 13.64 0.245 923 6 72.8 5.35 5.26 0.495 4.56 15 0.66 5.21 0.039 1.39 2.92 1.33 1048 177 0.87 2.42 235.2 0.235 0.249
0.89 14.58 902.5 51.75 12.12 3.28 7 0.77 1.2 6.78 8.82 13.42 0.23 900 5.9 71 5.35 5.26 0.49 4.5 14.62 0.64 5.11 0.038 1.34 2.75 1.32 1022 175 0.84 2.42 235 0.235 0.247
0.89 14.82 907 52.7 12.2 3.37 7 0.78 1.2 6.78 8.85 13.62 0.245 921 6 72 5.35 5.26 0.49 4.51 14.8 0.66 5.16 0.039 1.34 2.92 1.32 1030 176 0.85 2.42 235 0.235 0.248
27772000 26000 171370 215730 4095600 5737000 6200 885000 2894000 613600 3519600 19200 1590000 84240 8500 264210 3200 2100 50000 7095000 113700 46000 14797900 6000000 229000 152000 29000 99830 53750 500000 6000 1250 40000 770000
25171850 386018 155189285 11290662 50104336 19283500 43400 686750 3503570 4163278 31223741 259580 368630 77469485 50600 18931522 17120 11046 24550 32003130 1686078 29930 76358801 229000 312410 431590 38320 103563475 9447126 422750 14520 293770 9400 190220
-1527560 -4566025 -771335.5 -16213320 -623720 25200 -99547 -11197963 -67780 -104950 11691555 -24000 1855124 2675 -30199080 -635854 -196279 -1500 -7157960 3966978 -4700 -
HOLDING & FRIMS
PROPERTY
ARTHALAND CORP 0.88 0.89 0.89 0.9 0.87 0.89 2492000 2194340 880 AYALA LAND 49.45 49.6 49.5 49.7 49 49.6 8360200 413872455 15835000 ARANETA PROP 1.82 1.85 1.85 1.85 1.82 1.85 325000 593470 BELLE CORP 2.18 2.19 2.19 2.21 2.17 2.18 816000 1791020 -773610 A BROWN 0.84 0.85 0.82 0.87 0.82 0.85 2758000 2359720 -96050 CITYLAND DEVT 0.85 0.89 0.85 0.89 0.85 0.89 81000 68890 CROWN EQUITIES 0.222 0.229 0.221 0.222 0.221 0.221 620000 137070 103870 CEBU HLDG 5.86 5.99 5.85 5.99 5.85 5.99 10100 59099 -58500 CEB LANDMASTERS 4.66 4.7 4.75 4.75 4.64 4.66 85000 396100 -51280 CENTURY PROP 0.55 0.57 0.55 0.57 0.55 0.56 8291000 4626440 560 CYBER BAY 0.4 0.41 0.41 0.42 0.4 0.4 2620000 1053100 DOUBLEDRAGON 21.05 21.15 21.5 21.5 21.05 21.05 162000 3430365 -596320 DM WENCESLAO 9.4 9.59 9.69 9.7 9.24 9.62 17300 164458 -69762 EMPIRE EAST 0.45 0.455 0.455 0.46 0.455 0.455 520000 236650 -168400 FILINVEST LAND 1.65 1.66 1.66 1.68 1.65 1.66 8277000 13766340 2570240 GLOBAL ESTATE 1.26 1.28 1.27 1.28 1.26 1.28 571000 722240 -131040 8990 HLDG 15.32 15.38 15.34 15.38 15.32 15.32 412100 6318482 -303336 PHIL INFRADEV 1.53 1.55 1.41 1.58 1.39 1.55 7676000 11431330 26460 KEPPEL PROP 4.03 4.58 4.02 4.02 4 4 26000 104400 CITY AND LAND 0.73 0.75 0.73 0.75 0.73 0.75 94000 68640 16060 MEGAWORLD 5.17 5.18 5.19 5.23 5.13 5.18 3397900 17568437 383806 MRC ALLIED 0.315 0.32 0.325 0.325 0.3 0.315 17230000 5348950 9200 PHIL ESTATES 0.46 0.465 0.465 0.465 0.46 0.46 1330000 613250 -460950 PRIMEX CORP 2.05 2.08 2.11 2.11 2.05 2.05 985000 2034140 13260 ROBINSONS LAND 25.3 25.4 24.75 25.75 24.65 25.4 3750400 95176035 -22623595 PHIL REALTY 0.38 0.395 0.39 0.395 0.385 0.395 370000 142950 ROCKWELL 2.35 2.39 2.33 2.41 2.3 2.35 334000 794270 114999.9997 SHANG PROP 3.35 3.38 3.34 3.38 3.34 3.38 235000 788020 STA LUCIA LAND 2.4 2.45 2.47 2.48 2.4 2.4 335000 809670 SM PRIME HLDG 34.75 35 35 35 34.5 35 4643200 161212075 -45679550 STARMALLS 5.55 5.7 5.65 5.7 5.55 5.7 158500 891099 SUNTRUST HOME 0.93 0.94 0.91 1 0.9 0.93 3598000 3441880 VISTA LAND 7.68 7.71 7.7 7.71 7.65 7.71 2856100 21982284 -6727494 SERVICES ABS CBN 20.1 20.15 20 20.65 19.8 20.1 223300 4485887 GMA NETWORK 5.29 5.35 5.3 5.32 5.29 5.29 408200 2161473 GLOBE TELECOM 1975 1980 1947 1980 1937 1980 29055 57012730 12642785 PLDT 1150 1154 1152 1160 1146 1154 66240 76437535 27918605 APOLLO GLOBAL 0.049 0.05 0.05 0.05 0.05 0.05 17300000 865000 DFNN INC 5.8 5.81 5.81 5.81 5.81 5.81 4900 28469 ISLAND INFO 0.11 0.114 0.114 0.114 0.11 0.114 360000 40360 ISM COMM 5.53 5.55 5.45 5.65 5.45 5.55 2960700 16378491 712781 NOW CORP 3.68 3.69 3.6 4.06 3.6 3.69 82800000 317054850 -3104000 TRANSPACIFIC BR 0.35 0.355 0.36 0.375 0.345 0.355 16340000 5710450 156750 PHILWEB 3.34 3.35 3.43 3.44 3.27 3.34 1353000 4494280 -133830 2GO GROUP 10.3 10.4 10.32 10.46 10.3 10.3 16800 173536 CHELSEA 7.35 7.36 7.24 7.38 7.14 7.35 1047400 7587910 7567 CEBU AIR 94.35 94.5 95 97 94 94.35 46090 4358429 -644499 INTL CONTAINER 130.5 131.8 131 133 129.3 131.6 624390 82167309 -14125089 LORENZO SHIPPNG 0.9 0.92 0.92 0.92 0.9 0.92 561000 515640 MACROASIA 18.8 18.9 19.1 19.16 18.9 18.9 213900 4074262 -1010858 METROALLIANCE A 1.15 1.28 1.15 1.15 1.15 1.15 2000 2300 PAL HLDG 8.41 8.5 8.41 8.5 8.41 8.5 3000 25349 HARBOR STAR 1.77 1.78 1.83 1.83 1.74 1.78 1565000 2781040 -82180 ACESITE HOTEL 1.53 1.65 1.52 1.66 1.52 1.66 22000 33720 BOULEVARD HLDG 0.058 0.06 0.058 0.06 0.058 0.06 4110000 242820 -600 DISCOVERY WORLD 2.08 2.24 2.05 2.07 2.05 2.07 5000 10270 WATERFRONT 0.69 0.7 0.68 0.7 0.67 0.69 3202000 2180620 FAR EASTERN U 890 899.5 890 890 890 890 1000 890000 STI HLDG 0.69 0.7 0.7 0.7 0.69 0.7 580000 400970 BERJAYA 2.34 2.38 2.4 2.4 2.34 2.34 105000 246670 BLOOMBERRY 11.1 11.12 11.1 11.12 11.02 11.1 465500 5159550 3099860 PACIFIC ONLINE 2.72 2.74 2.72 2.77 2.71 2.72 54000 147470 LEISURE AND RES 3.37 3.38 3.22 3.42 3.22 3.37 1843000 6137050 -19700 MANILA JOCKEY 3.25 3.3 3.25 3.26 3.25 3.26 14000 45530 PH RESORTS GRP 4.8 5 4.75 4.78 4.75 4.78 6700 31965 PREMIUM LEISURE 0.72 0.73 0.73 0.73 0.72 0.73 1437000 1044290 29390 PHIL RACING 7.95 8.5 7.9 7.9 7.9 7.9 100 790 TRAVELLERS 5.45 5.46 5.45 5.46 5.45 5.45 424500 2313575 -279585 METRO RETAIL 2.48 2.49 2.45 2.49 2.41 2.48 658000 1609300 21760 PUREGOLD 43.8 44 44 44 43.8 43.9 398100 17480975 -11532125 ROBINSONS RTL 76.8 77 77.05 78.2 76.5 77 254100 19,557,309( 14,359,605.4999) PHIL SEVEN CORP 137 138 138 138 138 138 10 1380 SSI GROUP 2.9 2.92 2.93 2.94 2.9 2.92 6323000 18426240 1822470 WILCON DEPOT 16.58 16.62 16.7 16.7 16.56 16.62 1766300 29424378 930648 APC GROUP 0.6 0.61 0.58 0.61 0.57 0.6 8720000 5194580 -16800 EASYCALL 9.96 10 10.22 10.82 10 10 488300 5100730 GOLDEN BRIA 435 437 435 435 435 435 580 252300 PRMIERE HORIZON 0.6 0.61 0.6 0.61 0.59 0.6 9906000 5928450 -384600 SBS PHIL CORP 9.22 9.39 9.21 9.22 9.21 9.22 26900 247964 MINING & OIL ATOK 11.42 11.96 12.34 12.34 11.24 11.96 1700 20320 APEX MINING 1.17 1.18 1.22 1.23 1.18 1.18 7067000 8496590 156000 ABRA MINING 0.0017 0.0018 0.0018 0.0018 0.0017 0.0018 193000000 328300 BENGUET A 1.15 1.22 1.18 1.18 1.17 1.17 160000 187290 BENGUET B 1.12 1.2 1.14 1.14 1.14 1.14 36000 41040 COAL ASIA HLDG 0.28 0.29 0.28 0.28 0.28 0.28 10000 2800 CENTURY PEAK 2.71 2.72 2.71 2.71 2.7 2.71 464000 1255060 DIZON MINES 7.75 7.8 7.78 7.8 7.78 7.8 300 2336 FERRONICKEL 1.64 1.65 1.66 1.68 1.61 1.64 60272000 99157670 160 GEOGRACE 0.214 0.217 0.219 0.22 0.214 0.217 740000 159220 LEPANTO A 0.109 0.112 0.109 0.112 0.109 0.112 1240000 135780 LEPANTO B 0.11 0.112 0.111 0.112 0.111 0.112 80000 8890 MANILA MINING A 0.0095 0.0099 0.01 0.01 0.01 0.01 5000000 50000 MANILA MINING B 0.01 0.012 0.011 0.012 0.011 0.012 13500000 155000 MARCVENTURES 1.17 1.18 1.19 1.2 1.16 1.18 1067000 1248250 NIHAO 1.07 1.09 1.09 1.11 1.06 1.09 170000 187490 NICKEL ASIA 4.2 4.22 4.4 4.45 4.18 4.2 16892000 72617790 -7970640 ORNTL PENINSULA 0.87 0.88 0.86 0.88 0.86 0.87 357000 308280 PX MINING 3.84 3.89 3.9 3.9 3.82 3.84 1410000 5465000 15520 SEMIRARA MINING 23.15 23.2 23.4 23.4 23 23.15 129800 3008125 878820 UNITED PARAGON 0.0064 0.0069 0.0064 0.0064 0.0064 0.0064 3000000 19200 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 2800000 30800 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.012 9200000 101700 -89100 PHINMA PETRO 9.59 9.6 9.79 10.08 9.42 9.59 2500700 24371397 1062608 PXP ENERGY 10.44 10.5 10.46 10.6 10.3 10.44 648300 6778428 46596 PREFFERED HOUSE PREF A 97.55 99.65 99.75 99.75 99.75 99.75 190 18952.5 AC PREF B1 500 502 500 500 500 500 1030 515000 ALCO PREF C 98.1 106 100.7 100.7 100.6 100.6 1120 112682 DD PREF 101 101.7 101.7 101.7 100.9 101.7 6480 654676 SMC FB PREF 2 992 995 995 995 995 995 40 39800 FGEN PREF G 107 107.5 107 107 107 107 10000 1070000 LR PREF 0.99 1 0.99 1 0.99 1 598000 592090 MWIDE PREF 101.2 101.9 101 101.1 101 101.1 1200 121300 PNX PREF 3A 101.5 103 101.5 101.5 101.5 101.5 1360 138040 PNX PREF 3B 108 109 108.5 108.5 108.5 108.5 70 7595 6510 PCOR PREF 3A 1050 1055 1050 1055 1030 1055 205 215125 PCOR PREF 3B 1063 1065 1060 1063 1060 1063 4410 4684180 SMC PREF 2C 78.5 78.9 78.95 78.95 78.9 78.9 2560 201984.5 SMC PREF 2E 75.55 76.2 76.5 76.5 75.55 75.55 20000 1525250 SMC PREF 2F 76.3 78.45 76.2 78 76.2 78 36600 2842920 7620 SMC PREF 2H 75.55 76.95 76.95 76.95 75.55 75.6 25000 1910170 SMC PREF 2I 76.9 76.95 76.9 76.9 76.9 76.9 500 38450 -
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
18.46 5.14
18.5 5.16
19.34 5.2
19.34 5.2
18.42 5.16
18.46 5.16
232000 26500
4313834 136744
WARRANTS LR WARRANT
1.75
-3887688 -
1.78
1.57
1.8
1.56
1.75
850000
1483540
-
ITALPINAS 6.08 KEPWEALTH 10.1 XURPAS 0.96
6.09 10.16 0.97
6.11 9.99 0.95
6.28 10.64 0.97
6.05 9.54 0.94
6.09 10.1 0.96
618400 1061500 1570000
3770658 10767498 1494820
-1475 -10500 -
FIRST METRO ETF
119.2
SMALL & MEDIUM ENTERPRISES
EXHANGE TRADE FUNDS 118.4
119.1
119.2
118.3
119.2
6670
793246
-
www.businessmirror.com.ph
More K-beauty products enter PHL market through Duty Free shops By Roderick L. Abad
T
Contributor
@rodrik_28
HERE’S no stopping the socalled K-pop phenomenon as top cosmetic brands from South Korea have just entered Duty Free Philippines (DFP) targeting their growing market in the Philippines. According to Chief Operating Officer Vicente Pelagio A. Angala, DFP has collaborated with leading Korean manufacturers of beauty products to
offer to their tax-free stores. “To date, we have about 31 Kbeauty brands, two of which are DFP exclusives,” Angala said, referring to
Dr. Jart and Sulwhasoo. Dedicated only to beauty items made from South Korea, DFP has recently opened K-Beauty Studio and Global Trends areas in its flagship store, the Fiestamall in Parañaque City, and Sulwhasoo at Luxe Duty Free inside Mall of Asia Complex. “While some of these 31 brands are available in the Philippine market, we provide the cheaper price from 10 to 20 percent lower compared to the local market,” he added. Other K-beauty brands at DFP include Missha, Laneige, Leaders, A.by Bom, Wellderma, Bano, Koco Star, It’s Skin, Holika, Too Cool For School, Pony Effect, Berrisom, Velyvely, G9,
Skin Papa Recipe, Jayjun, SNP, Clio, Peripera, April Skin, Benton, Cloud9, Cosrx, DLA, Guerisson, Medi Heal, Normal Nomore, Purederm and Victoria Korea. K-beauty refers to skin-care products manufactured from South Korea with an emphasis on natural ingredients, nourishing formulas and fancy packaging. “DFP always prides itself in thriving to adapt to new trends and specific customer needs,” Angala said. Established 32 years ago, DFP is a government-owned and -controlled corporation. It offers a duty- and taxfree merchandising system to overseas Filipino workers, repatriates and regular local travelers.
Now Telecom looks to provide mobile services, but NTC sees niche market
N
OW Telecom Co. Inc. claimed on Monday that it is gearing up to provide mobile services in the Philippines after being granted an extension of its license to operate cellular networks, but the National Telecommunications Commission (NTC) believes that it can only provide such services in niche markets. Now Telecom President Rodolfo P. Pantoja said his group has upgraded its cellular mobile telephony system (CMTS) license by adding the authority to operate a nationwide wireless communications network for mobile telephony. “We have been providing guaranteed broadband to enterprises including the government sector. We reiterate our belief that at present, there is an insufficiency in telecommunications facilities that can effectively address the needs for day-to-day real-time operations and at the same time provide disaster mitigation during time of emergencies,” he said. This, he said, makes Now Telecom “one of only four companies in the Philippines that have CMTS licenses.” Today, four companies have the same license: Smart Communications Inc., Globe Telecom Inc., Dito Telecommunity Corp. and ABS-CBN Convergence Inc. For Edgardo V. Cabarios, NTC
deputy commissioner, however, Now Telecom may find it hard to compete in the mobile space, which is now dominated by Smart and Globe, and with the entrance of Dito Telecommunity, the winner of the third telco auction last year. “I don’t think so. There are so many players in the market in the first place, but when we talk about mobile there are only three major players. Now is authorized as a mobile network operator,” he said in a mix of Filipino and English. Now, he said, has limited radio spectrum allocated to it at the 3,500-megahertz (MHz) mid-band. “They have the spectrum, but it’s only limited at 20 MHz. So, you really cannot compete, but you can be hitting a niche market,” Cabarios said. Now Telecom executives had said that the group plans to offer 5G wireless broadband services in the Philippines both for homes and enterprises, signing a memorandum of understanding with the Philippine Fiber Optic Cable Network Ltd. for the deployment of a fiber-optic backbone. “5G will pave the way for the offering of more complex applications and solutions. Moreover, cloudbased solutions and virtualization of network functions will allow the much quicker deployment of highly scalable, nimble and cost-effective
Coca-Cola using solar panels in 2 more manufacturing sites
C
OCA-COLA Beverages Philippines Inc. (CBPI) will install solar panels in two more of its manufacturing sites this year. This will bring to nine the total number of its manufacturing sites utilizing renewable energy (RE). “This 2019, we will be installing solar panels in our manufacturing sites—starting with our Misamis Oriental and Bacolod plants,” said CBPI corporate and regulatory affairs director Juan Lorenzo Tañada during last week’s Powertrends 2019, the longest-running energy exhibition in the country. To date, seven of its manufacturing sites are using renewable energy. These are located in Santa Rosa; Canlubang; Ilocos; (Calasiao) Pangasinan; Cebu; San Fernando, Pampanga; Meycauayan. “With the shift to 100 percent
use of geothermal power of all these plants that started in December 2018, over 60 percent of our total energy consumption is being sourced from renewables,” said Tañada. The company earlier tapped First Gen Energy Solutions Inc. (FGES) and Bac-Man Geothermal Inc. (BGI)—for the supply of electricity from RE sources, to power Coca-Cola’s bottling facilities in Ilocos, Pangasinan, Pampanga and Cebu. In February last year, CocaCola’s Santa Rosa and Canlubang Plants started integrating RE into its operations. The bottling arm of Coca-Cola is committed to further strengthening its sustainable operational systems, as it enhances capabilities across its value chain. There are 19 Coca-Cola bottling facilities all over the country. Lenie Lectura
networks,” Pantoja said. Now Telecom is an affiliate of listed multimedia and communications technology company Now Corp.,
MUTUAL FUNDS
which previously wanted to join the auction for the third telco spot, but declined to participate due to legal tussles. Lorenz S. Marasigan
September 9, 2019
NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.83 -0.03% -0.94% -0.1% 2.63% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5643 7.42% 3.84% 1.32% 8.57% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0277 -0.48% -1.91% -1.46% 3.19% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9588 5.25% N.A. N.A. 6.42% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8615 1.57% N.A. N.A. 4.97% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4414 1.35% 0.45% -0.01% 3.19% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8746 2.1% -3.76% N.A. 4.53% MBG EQUITY INVESTMENT FUND, INC. -A 116.96 1.56% N.A. N.A. 0.68% PAMI EQUITY INDEX FUND, INC. -A 52.2437 3.4% 0.61% N.A. 6.14% PHILAM STRATEGIC GROWTH FUND, INC. -A 543.64 3.72% -0.4% -0.3% 5.61% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3171 2.91% 0.83% 0.94% 5.03% PHILEQUITY FUND, INC. -A 38.7129 3.33% 1.64% 0.95% 5.68% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0317 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3084 4.4% 1.5% 1.66% 7.05% PHILIPPINE STOCK INDEX FUND CORP. -A 886.21 4.43% 1.3% 1.57% 6.97% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9208 5.67% 0.39% N.A. 7.07% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3166 3.59% 1.33% 1.03% 6.35% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0184 4% 1.24% N.A. 6.72% UNITED FUND, INC. -A 3.7253 3.66% 2.79% 2.2% 6.41% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.7496 4.78% 2.1% 2.61% 7.23% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9509 -5.38% 1.01% -1.88% 2.35% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3011 0.87% 7.04% N.A. 17.73% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.672 -0.69% -2.52% -2.59% 1.26% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.317 2.27% -0.6% 0.13% 4.88% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6643 3.39% 0.47% -1.28% 4.77% GREPALIFE BALANCED FUND CORPORATION -A 1.3513 0.82% N.A. N.A. 3.6% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9637 5.38% 0.95% 1.01% 6.54% PAMI HORIZON FUND, INC. -A 3.8137 6.01% -0.06% 0.34% 8.06% PHILAM FUND, INC. -A 17.0832 6.34% -0.05% 0.25% 7.39% SOLIDARITAS FUND, INC. -A 2.1567 3.19% 0.78% 1.4% 4.23% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9052 4.99% 0.86% 0.82% 6.95% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.025 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0142 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0115 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9952 4.67% 0.6% 0.2% 7.97% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03868 10.33% 2.31% 2.44% 9.58% PAMI ASIA BALANCED FUND, INC. -A $0.9804 -5.36% 1.01% -1.48% 7.3% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7823 3.53% 5.22% 2.82% 14.32% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1232 5.3% 3.34% N.A. 11.21% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 353.7 3.75% 2.22% 2.32% 2.98% ATRAM CORPORATE BOND FUND, INC. -A,1 1.9141 2.75% 0.14% 0.14% 2.95% COCOLIFE FIXED INCOME FUND, INC. -A 3.0778 5.23% 5.31% 5.26% 3.42% EKKLESIA MUTUAL FUND INC. -A 2.2137 4.34% 1.44% 2.16% 3.97% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3454 5.68% 1.46% 1.66% 6.36% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6078 1.63% -1.25% 0.3% 2.77% PHILAM BOND FUND, INC. -A 4.3252 9.93% 0.82% 1.96% 10.34% PHILEQUITY PESO BOND FUND, INC. -A 3.7347 7.76% 1.5% 1.67% 6.19% SOLDIVO BOND FUND, INC. -A 0.9525 6.03% -0.19% N.A. 6.88% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0253 9.29% 2.06% 2.66% 9.38% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6765 9.16% 1.6% 2.22% 8.87% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $464.55 4.46% 1.81% 2.79% 3.6% ALFM EURO BOND FUND, INC. -A Є220.35 3.38% 1.28% 1.56% 3.61% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1995 7.13% 2.11% 2.49% 6.56% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 4.44% 0.92% N.A. 4.44% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7179 0.7% -2.07% 0.43% 1.64% PAMI GLOBAL BOND FUND, INC -A $1.1052 13.13% -0.3% -1.31% 6.65% PHILAM DOLLAR BOND FUND, INC. -A $2.4286 12.25% 1.8% 3.62% 11.88% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.060166 5.82% 1.89% 2.05% 5.55% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1878 9.8% 1.09% 3.08% 10.99% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.55 4.1% 2.62% 2.07% 3.04% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0216 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2393 5.68% 2.38% 1.45% 4.86% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2531 3.91% 2.78% 2.17% 2.78% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0319 2.22% N.A. N.A. 1.57% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."
www.businessmirror.com.ph
Banking&Finance BusinessMirror
Tuesday, September 10, 2019
Regulator places Mercantile Group’s preneed firm under conservatorship
T
HE Insurance Commission (IC) has placed a local preneed firm under conservatorship for its failure to comply with the minimum capital requirement for preneed companies. In a statement, Insurance Commissioner Dennis B. Funa said Mercantile Careplans Inc.’s paid-up capital is impaired by P14.23 million. Under Republic Act 9829 or the PreNeed Code of the Philippines, companies are required to have a minimum P75 million paid-up capital. “The result of the examination made into the affairs, financial condition and methods of doing of business of Mercantile Careplans as of end-2018 disclosed
that the company failed to comply with the minimum P75-million paid-up capital requirement,” Funa said. “Under the Pre-Need Code, preneed companies existing at the time of the effectivity of the law selling two types of plan are required to have a minimum unimpaired paid-up capital of P75 million,” he added. In its latest annual statement, Mercantile Careplans showed its paid-up capital stock was at P100 million as of end-December
Advice on pooled funds
S
AVING builds what we have. Investing grows what we have. Making the most out of money we earn is made possible through investing. There are various investment options available. One such option would be pooled funds. These are funds that are accumulated from money that is put in by many investors for investment purposes. In the Philippines, the two popular types of pooled funds are mutual funds and unit investment trust funds. While these funds share many similarities, they also have certain differences. A mutual fund is managed by a company and is regulated by the Securities and Exchange Commission. Opening an account must be done through a licensed representative of a mutual fund company. The usual minimum investment amount is around P5,000. There is a usual minimum holding period of six months. Fees and charges that are common with mutual funds are related to opening, management, sales and redemption. Gains or losses are measured by changes in the fund’s net asset value per share or NAVPS. A unit investment trust fund, more commonly known as UITF, is managed by a bank and is regulated by the Bangko Sentral ng Pilipinas. Opening an account must be done through a trust representative of the bank. The usual minimum investment account is around P10,000. There is a usual minimum holding period of 90 days. Fees and charges that are common with the UITFs are related to trust, sales and redemption. Gains or losses are measured by changes in the fund’s net asset value per unit or NAVPU. Investors have different risk tolerance levels. Risk refers to the volatility in returns during the investment horizon. For investors who are risk-averse, pooled funds that invest money in the money market and the bond market would be recommended. For investors who have a moderate tolerance for risk, a balanced pooled fund would be recommended. For investors who have an aggressive tolerance for risk, pooled funds that invest in the stock market would be recommended. Higher risk means higher required returns. Pooled funds have a host of advantages and disadvantages. One advantage of investing in pooled funds would be convenience. Many individuals do not have the time to actively manage investments. They can ben-
Genesis Kelly S. Lontoc
PERSONAL FINANCE efit from the expertise of fund managers who regularly analyze the markets. Another advantage of pooled funds would be the lower initial investment costs as compared to investing in real estate or in business. Another advantage would be the prospect of getting higher returns as the economy thrives. Pooled funds have disadvantages. One disadvantage is that returns are not guaranteed. Returns depend on how favorable or unfavorable market conditions will be. Another disadvantage is that there are fees and charges. Another disadvantage would be the possibility of not fully maximizing returns. If the fund managers decide to invest in instruments that have high correlation, the returns are adversely affected. Are pooled funds for everyone? Yes. However, there are certain imperatives that have to be considered. The goal has to be defined and has to be clear. Examples of goals would be sustainable retirement and asset purchase. Liquidity is important so ample saving levels and emergency funds should be present to ensure investments would be sustainable. Having a heightened sense of financial literacy and doing due diligence are necessary. Studying past and current performance of funds aids in making the right decisions. Pooled funds offer many benefits for investors but these are not perfect. There is no perfect investment anyway. What is important is for one to always be reminded about the financial goal. Investing in pooled funds should be anchored on a goal and should be an effective and efficient way of ultimately achieving the goal. As the goal is achieved, a better future in terms of financial freedom becomes more imminent.
J
other stakeholders.” He also emphasized that any and all recommendations of the IC-appointed conservator must be approved by the IC. Before the IC issued the Conservatorship Order, Mercantile Careplans was required to address its capital impairment. Mercantile Careplans, on the other hand, manifested to the IC that it is no longer financially capable of addressing its capital impairment citing that it ceased selling any plan since 2009 and is merely servicing its existing and maturing plan holders. The company was one of 24 preneed companies that were issued dealership licenses for 2009, according to a document by the Senate Economic Planning Office. Funa noted that while the company’s paid-up capital is impaired, the amount of its trust fund contributions are compliant with the requirements of the PreNeed Code. Cai U. Ordinario
Rules on surrendering bank license tweaked
B
ANKS that are in sound financial condition and do not violate the New Central Bank Act may be allowed to undergo voluntary surrender of their banking license, according to the Bangko Sentral ng Pilipinas (BSP). In a statement on Monday, BSP said this is part of the recently approved enhanced guidelines on voluntary surrender of a banking license. The guidelines provide that banks may surrender their license either with a plan to proceed to voluntary dissolution and liquidation or to keep the entity’s corporate/cooperative life and convert into a nonbank entity. The enhanced guidelines cover instances of voluntary surrender where no creditors will be affected during the resulting voluntary dissolution or the conversion into a nonbank entity. As a minimum requirement, the applicant bank needs to ensure immediately accessible funds equivalent to its out-
standing deposit obligations to provide assurance on the repayment of depositors. T he g u idel i nes a l so emph a si zed that even after the surrender of banking license, the BSP may impose sanctions to concerned bank ’s directors, officers and employees who are found to have violated banking laws, rules and regulations. Under the new BSP Charter, the BSP is also exempt from taxes on income derived from its governmental functions. RA 11211 also restores the Central Bank’s authority to issue debt papers as part of its regular operation. In terms of mandate, the law removes money supply and credit levels as basis for determining monetary policy. Also among the salient points of the new law include the wider coverage of institutions under BSP supervision to include money service businesses, credit granting businesses and payment system operators. Cai U. Ordinario
RCBC, unit link with Visa for sale of traveler card
Genesis Kelly S. Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 78th RFP program in September 2019. To inquire, e-mail info@rfp.ph or text <name><email> <RFP> at 0917-9689774.
Japan boosts CLO scrutiny as banks buy risky assets APANESE regulators are surveying the nation’s financial firms to determine their exposure to foreign assets including risky credit products as the global economy slows, people with knowledge of the matter said. The Bank of Japan (BOJ) and Financial Services Agency (FSA) want to get a fuller picture of domestic banks’ and insurers’ investments in collateralized loan obligations (CLO) and leveraged loans to assess how they would fare if the borrowers run into difficulties, the people said, asking not to be identified. The inspection comes as some investors and analysts fret that years of low interest rates have led to overheated credit markets, with packages of leveraged loans, known as CLOs under particular scrutiny. Big Japanese investors
2014. How that was decimated after five years wasn’t cited in the IC statement. As a result of the Conservatorship Order, Funa said the management of the company will be taken over by IC-appointed conservator, lawyer Marianne P. Lozada-Marquez. Funa clarified that the company is required to continue serving its clients until and unless the IC-appointed conservator recommends otherwise. Mercantile Careplans has 5,622 enforced pension plans and 170 enforced educational plans as of end-2018. “The operations of the company will continue to run under the management of Lozada,” Funa said. “The initial step in the conservatorship process is for the ICappointed conservator to review the current financial condition of the company and recommend measures to ensure the preservation of the assets of the company for the benefit of its plan holders and
including large banks and other financial companies are thought to have snapped up the CLOs as negative rates eat into their returns. Now the worry is that large amounts of credit investments could leave them exposed to swings in global financial markets or a slowdown in the world economy. Still, there’s a dearth of public data on the exact scale of exposure following the recent surge in buying. The survey will allow the BOJ to access information on the holdings of insurers, which the FSA has the authority to request, the people said. While banks already disclose their holdings of securitized products in various forms, standardizing the data will give regulators a more coherent picture, they said. Bloomberg News
China’s stimulus debate still alive after grim trade data
T
HE contraction in China’s trade in August underscored what economists were already saying about the government’s stimulus efforts: they’re not yet enough to put a floor under the slowing economy. Data released last Sunday showed that exports decreased 1 percent in dollar terms from a year earlier last month, a period when companies could have been expected to try to increase cargoes to the US ahead of higher tariffs that kicked in last September 1. Instead, a 16-percent contraction in shipments to the US highlighted the damage that the trade war is doing. That makes the injection of $126 billion into the economy announced by the central bank on Friday look more like a cautious move that will need to be followed by further steps if the government wants to keep economic growth above the key 6 percent level. Yet, the fear of a bubble in the property market could still preclude larger-scale action. “More policy easing will be needed to help stabilize domestic economic growth,” Louis Kuijs, chief Asia economist at Oxford Economics in Hong Kong, wrote in a note last Sunday. “The key downside risk to our outlook for growth and imports is policy-makers not stepping up policy support sufficiently.” The State Council, China’s cabinet, last week signaled more stimulus measures are coming, though that raises the perennial question of which selection of tools best does that job, while keeping debt under control. On top of the reserve-ratio cut announced Friday, more government debt sales are in the pipeline. Some in financial markets also expect a cut in the interest rate on the central bank’s medium-term loans to banks, though policy-makers skipped an opportunity to do that on Monday.
RRR
BEFORE Friday, the People’s Bank of China had cut banks’ reserve ratios twice this year, unleashing cash to help banks lend more. In the latest move, the required reserve ratio for all banks will be lowered by 0.5 percentage points, taking effect on September 16, the People’s Bank of China said. The PBOC also cut the reserve ratios by one percentage point for some city commercial banks, to take effect in two steps on October 15 and November 15. The cuts will release 900 billion yuan ($126 billion) of liquidity, the PBOC said, helping to offset the tightening impact of upcoming tax payments. However, Nomura International Ltd. has warned markets to be conservative in estimating the potential of RRR cuts. That’s because current curbs on financing rules for the property sector and the antipollution campaign have meant softer overall demand for credit.
Rates
THE PBOC has refrained from cutting the benchmark rate or the rates for its market liquidity tools in recent years. Instead, it initiated a long-awaited revamp of the country’s interest rate framework last month, a move aimed at pushing down the cost of borrowing by households and companies without fueling bubbles in housing market. The new reference rate, called the loan prime rate, stood at 4.25 percent in August in its first release, a small step lower from the previous benchmark. Some analysts expect the PBOC to cut the interest rate on medium-term lending facility this month in step with the Federal Reserve, which could, in turn, push the loan prime rate lower.
Tax cuts
PHOTO shows RCBC Bankard President and CEO Simon Javier A. Calasanz speaking during the said launch of the “RCBC Bankard VisaPlatinum,” a consumer-centric credit card it plans to sell to affluent travelers.
R
IZAL Commercial Banking Corp. (RCBC) and its unit RCBC Bankard Services Corp. (RCBC BSC) announced the launch of consumer-centric credit card the companies plan to sell to affluent travelers. Citing a recent study led by Euromonitor International, the companies said “emerging and developing countries will see the number of affluent individuals triple between 2017 and 2030 to account for 29.3 percent of the global affluent consumer segment in 2030.” RCBC said its “Bankard VisaPlatinum was launched keeping in mind the habits and preferences of this increasingly influential sector.” The company added “this market views
wealth as having the means to do things that matter: rest, recreation and deepening familial ties through meaningful experiences, such as travel.” The launch of the card comes as RCBC Bankard President and CEO Simon Javier A. Calasanz said his company’s card base has grown by 26 percent. From more than 625,000 cards last June 2018, RCBC Bankard’s card base increased to more than 788,000 cards at the end of June 2019, Calasanz said. Additionally, card usage has grown by 28 percent compared to same period last year, he added. Industry data shows that from the bank’s eight slot three years ago, it is now ranked as top 5 in terms of Issuing Billings, Calasanz said.
B3
THE government has pledged to cut taxes for businesses and households by about 2 trillion yuan this year in what they described as the largest-ever fiscal stimulus plan in the country. The move has had an effect—swelling the fiscal deficit to 1.2 trillion yuan in the first seven months of 2019, according to Bloomberg calculations based on official data, compared to a shortfall of 374.5 billion yuan in the same period last year. However, the tax cuts haven’t been able to lift business investment. Bloomberg News
B4 Tuesday, September 10, 2019
DLSMC Orthopaedic Sports Clinic supports professional and leisure athletes from injury to recovery
W
HETHER it’s a training regimen for high-performing athletes, weekend warrior games, or just workouts to help lose weight, people who live an active lifestyle open themselves up to the possibility of sports-related injuries. Some musculoskeletal injuries aren’t even the result of a sports mishap, but because of an unlucky misstep or fall. Accidents can’t always be avoided and injuries such as fractures, tears, or dislocations require an orthopaedic doctor for proper treatment. “Most people will see an Orthopaedic Surgeon or Sports Surgeon if they’ve sustained a major injury to their extremities
that may need surgery,” says orthopaedic surgeon Dr. Carmelo L. Braganza. “Sometimes if the injury is mild, they will wait to see if it improves on its own. But bad fractures or tears can get progressively worse and require reparative surgery before they impair a patient’s mobility and lifestyle.” Effective treatment, repairs, and rehabilitation are the main reasons patients seek out orthopaedic care. Athletes especially need to seek treatment so they can be assured that they will still be able to indulge in their favorite sports and physical activities. When injured, their main focus is to return to play as soon as possible and at
pre-injury level. This means Orthopaedic Surgeons must properly assess patients and offer a comprehensive surgical solution with the least down time and fastest recovery possible. “Orthopaedic surgeries have evolved a lot over the years,” Dr. Braganza explains. “We used to rely solely on traditional open surgery to treat orthopaedic cases. But now, we are able to offer minimally invasive arthroscopic surgery for the knees and shoulder joints. This allows us to see more patients and to provide more options with less pain and faster recovery.” At De Los Santos Medical Center (DLSMC) a member of Manuel V. Pangilinan’s MVP Group of Companies under the Metro Pacific Hospital Holdings, Inc. (MPHHI) banner, orthopaedics is one of the hospital’s bedrock specialties. “Dr. JV De Los Santos originally opened the hospital as an orthopaedic clinic before expanding to accommodate more specialties and patients,” shares Raul C. Pagdanganan, President and CEO of DLSMC. “Though we have significantly grown and expanded over the past 45 years, orthopaedics still remains an important specialty at the hospital.” For inquiries, surgeries, and available package rates, contact 89-DLSMC (35762) ext. 7111/8311, or productinfo@ dlsmc.ph or like www.facebook.com/ DeLosSantosMedicalCenterOfficial
Widus Foundation gives P1.5-M medical donation to Candaba
IN PHOTO, Widus Foundation Executive Director Neki Liwanag (center) led the official turnover of P1.5-M medical donation to the Candaba Municipal Infirmary together with Mayor Rene E. Maglanque on August 28.
C
ANDABA Municipal Infirmary and three other rural health units received over P1.5 M worth of medical donation from Widus Foundation Inc. (WFI) during the first leg of its Medical Equipment Donation and Supplies (MEDS) campaign on Wednesday. The medical donation included laptop computers with printers, three radioisotope heater units, automated external defibrillator manual, cardiac monitor defibrillator, binocular microscopes, bassinets, delivery
tables, suction machines and nebulizers among others. WFI Executive Director Neki Liwanag, Widus General Manager Tarek Aouini, Widus Human Resources Director Ana Christi Galura and WFI Manager Ronnel Golimlim led the official turnover together with Candaba Mayor Rene Maglanque and Vice Mayor Michael Sagum. Liwanag, who recognizes the medical challenges in Candaba hopes that the foundation’s initial efforts could help improve
the delivery of medical services to the public especially to the indigent families of the community. “Widus believes that basic and quality healthcare should be accessible to all regardless of financial and social status. That is why we strive to strengthen our local medical facilities through MEDS in order to help bring high value medical assistance to those in need,” Liwanag said. For his part, Candaba Mayor Maglanque expressed his confidence in providing better medical services to the community through the donations given by WFI partnered with the support of the local government. After getting a boost through the MEDS project while undergoing expansion funded by the Department of Health, the Candaba Municipal Infirmary aims to qualify the infirmary for a Level 1 District Hospital by the end of the year. “We are very thankful to Widus Foundation Inc. and the Philippine Amusement and Gaming Corporation for their sincere generosity and for choosing Candaba as the first beneficiary of their MEDS program. Our dream to qualify the infirmary as a Level 1 District Hospital now seems possible,” the mayor said.
MOA SIGNING. Fortune Life Insurance Company (FLIC) and Liga ng Transportasyon at Operators sa Pilipinas (LTOP) have signed a Memorandum of Agreement (MOA) that will insure all qualified members of LTOP nationwide under the Group Yearly Renewable Term insurance plan. Present during the signing were LTOP President Orlando Marquez (seated second from left); FLIC First Vice President for Group Sales Virgilio Aquino (seated second from right); Atty. Tirso Peralta, board member of Planbank, a subsidiary of ALC Group of Companies (seated leftmost); and Atty. Larry Gadon, LTOP Lawyer (seated rightmost).
Palawan farm tourism site prides “toilets for all gender stripes”
A
FARM tourism destination in Palawan is raising the concept of gender sensitivity a stripe higher. For nearly two years now, Yamang Bukid Farm in Puerto Princesa City’s Barangay Bacungan has introduced a novel way of giving people the facility where they can answer nature’s call regardless of their sexual orientation. Manned and maintained by elderly women, Yamang Bukid Farm’s comfort room has separate spacious cubicles for girls, boys, gays and lesbians. The round-shaped building is made of concrete and roofed with indigenous materials. Outside it has two porcelain tubs and faucets for washing hands. Inside each cubicle has a flush toilet and bidet hose for cleaning. Outside, one can easily see the markings on the top of each of the four white wooden doors. Emblazoned in white against a black background each of the doors are the words GIRL, BOY, BAKLA and TOMBOY.
One may argue that bakla and tomboy (Filipino slang for gays and lesbians, respectively) are in fact derogatory but for Bobby Arzaga, a Palawan-based vlogger and receptionist for the Farm, the terms are mainly names that describe their sexual label and nothing else. “I’m not offended because that’s how I want people to see me. I don’t know with other gays if they’re offended, though,” Arzaga said, adding he uses the cubicle labelled for the gays more often than that of the boys’. A learning site for sustainable and organic-based agriculture, the Farm which is a subsidiary of health and wellness productsmaker Yamang Bukid Healthy Products Inc. (YBHPI), is advocating equality for all, embracing and respecting all guests of whatever gender stripes, according to the toilets’ designer Benjie Monegasque. “This is a reflection of doing business with a heart. Yamang Bukid welcomes and embraces all gender. The Yamang Bukid brand promotes equality, respect and tolerance,” Monasque said.
International educators and experts to speak at 2019 PhilEd
I
NTERNATIONAL educators and experts, namely Professor Daniel C. Levy, a distinguished Professor at the State University of New York (SUNY); Ms. Vivian Lau, the President of JA Asia Pacific; and Professor Saravanan Gopinathan, an Adjunct Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore have confirmed to be plenary speakers at the 2019 Philippine Education Conference on December 3-4 at the SMX Convention Center, Pasay City. With the theme, “Responsive Policies and Practices Towards the Development of the Philippine Education Sector,” the conference aims to highlight the need for policies and practices that are responsive to the needs of learners and schools for the development of the education sector. Specifically, it encourages discussions on operationalizing the complementarity between private and public schools in the areas of education financing and quality assurance. It also features school initiatives in terms of policies and programs that address emerging issues that affect today’s learners. Distinguished Professor Levy’s main appointment is at SUNY-Albany
in Educational Policy and Leadership. His main research interest is how educational institutions fit into civil society. His eight books and numerous articles deal mostly with higher education policy. Since 2000, he has devoted his attention mostly to privatepublic interfaces in higher education. As scholar and consultant, he has lectured at almost all the leading U.S. universities and in six continents. Ms. Lau currently serves as the president of JA Asia Pacific, a member of JA Worldwide. JA Worldwide is one the largest global NGOs dedicated to inspire and prepare young people to succeed in a global economy. Professor Gopinathan is an Adjunct Professor at the Lee Kuan Yew School of Public Policy of the National University of Singapore. He helped NUS establish a Center for Research in Pedagogy and Practice and was involved in setting up the Singapore Centre for Teacher Thinking and the Principals Executive Center. He is a founding member of the Educational Research Association of Singapore. To register online and for program updates, please go to https://philed.peac. org.ph/.
Medvedev earns fans’ cheers during and after loss to Nadal
Sports
THIS one did not come easily —not at all—for Rafael Nadal. AP
BusinessMirror
C1
| Tuesday, September 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
N
EW YORK—Imagine this a week ago: US Open fans going crazy for Daniil Medvedev. The guy who they loved to boo, who defiantly told them the more they jeered him, the more he would win, was suddenly hearing cheers Sunday. Medvedev earned them with the way he played. And with how he acted. A spirited effort on the court was followed by humble words after it, as he congratulated Rafael Nadal and saluted the crowd following his 7-5, 6-3, 5-7, 4-6, 6-4 loss in his first Grand Slam final. “I mean, [it] was [an] amazing match. It’s an amazing story,” Medvedev said. “All this summer is amazing for me. I will remember every moment of it.” The 23-year-old Russian was humorous during his postmatch remarks, providing a little more entertainment to a crowd that had already been treated to four hours and 50 minutes of it during a riveting match that seemed would be over much, much earlier. Nadal had won the first sets and then broke Medvedev’s serve for a 3-2 lead in the third. Nobody had come back to win from two sets down in the US Open final in 70 years, and Nadal had lost only once in a Grand Slam tournament when he had that lead. But Medvedev kept fighting, aided by a crowd inside Arthur Ashe Stadium that wanted to stay a little longer. Turns out, they stayed a lot longer. “Amazing performance and he will learn from this to be stronger and stronger,” said Gilles Cervara, Medvedev’s coach. “It was a great match. We are very disappointed because we felt that he could do it finally in the fifth set.” Medvedev broke Nadal’s serve in the final game of both the third and fourth sets, and even when it seemed he was out of it in the fifth, he refused to give in easily. He broke when Nadal served for the match at 5-2, and had another chance to break in the final game before Nadal finally closed it out. By then, some fans were even chanting Medvedev’s name. “I was fighting for every point. I think they appreciated it,” Medvedev said. “I knew I have to leave my heart out there for them, also. For myself first of all, but for them, also. I think they saw it and they appreciate it.” AP
DRAMATIC TRIUMPH FOR RAFA By Howard Fendrich The Associated Press
N
DANIIL MEDVEDEV is humorous during his postmatch remarks, providing a little more entertainment to a crowd. AP
ANDREESCU: FUTURE NO. 1 N EW YORK—Bianca Andreescu had the US Open trophy in her hands and one thought going through her mind. Don’t mess it up. For the first time in two weeks in Flushing Meadows, the 19-year-old looked confused on the court. “I was so clueless out there,” she recalled with a laugh. This moment, with more than 20,000 people watching inside Arthur Ashe Stadium and who knows how many more clapping along back home in Canada, was too important to get wrong. So before Andreescu hoisted the hardware she earned Saturday with her 6-3, 7-5 victory over Serena Williams, she leaned toward a tournament official and asked which side was the front. “I just wanted to make sure so I didn’t look like an idiot,” Andreescu said. Chances are, she’ll do fine in the future. With her game—and her guts—Canada’s first Grand Slam singles champion could have many more opportunities to win major titles. Just ask Williams’s coach, Patrick Mouratoglou, who referred to Andreescu as a “future No. 1.” “With her character and mindset, for sure she’s going to win several Grand Slams,” Mouratoglou said. Williams has won 23 of them, one shy of the record, and with all that experience and the home-court advantage, many people considered Andreescu’s victory an upset. Truth is, it’s never a surprise when she wins. She hasn’t been on the short end of a completed match in six months, losing only when she had to stop playing in one match because of a shoulder injury. Andreescu is 34-4 this year with one major and two other
prestigious tournament titles, a record that compared to Rafael Nadal’s as he prepared to play in the men’s final. “I don’t think I’ve lost a match since March, so my confidence is skyrocketing right now,” said Andreescu, who will rise to No. 5 in the rankings. “I just don’t want to take anything for granted because there’s going to be weeks where you’re going to lose, so right now I’m just on cloud nine and hopefully I can just keep the momentum going.” She couldn’t even get into main draw of the US Open last year after losing in qualifying. But Andreescu thought she could be headed for big things right from the start of this season, when she reached the final of her first event in New Zealand. Then she won the title in Indian Wells in March, before the shoulder injuries that forced her to miss most of the spring and summer seasons. Andreescu said she didn’t have much faith in herself during those times, relying on her parents and her team to keep her spirits up. “Also, I mean, it’s part of life going through situations like that,” Andreescu said. “It’s not always going to be butterflies and rainbows, so I just tried to embrace it as much as I could. I tried to learn different things about myself and just about how I can get better as a player and as a person, and I really believed that there were going to be good times ahead, because I think when you believe in that then all those tough times are worth it.” AP CHANCES are, Bianca Andreescu should do fine in the future. AP
EW YORK—Rafael Nadal’s 19th Grand Slam trophy went from inevitable to suddenly in doubt in a thrill-a-minute US Open final. What had all the makings of a casual crowning morphed into a grueling contest thanks to Nadal’s opponent, Daniil Medvedev, a man a decade younger and appearing in his first major title match. Down by two sets and a break, Medvedev shifted styles, upped his level against a rattled Nadal—and even received an unexpected boost from the Arthur Ashe Stadium spectators. Truly tested for the only time in the tournament, the No. 2-seeded Nadal managed to stop Medvedev’s surge Sunday and hold off his historic comeback bid, pulling out a 7-5, 6-3, 5-7, 4-6, 6-4 victory in four hours and 50 minutes of highlight-worthy action and Broadway-worthy drama to collect his fourth championship at Flushing Meadows. “One of the most emotional nights of my tennis career,” said Nadal, who covered his face with his hands while crying when arena video boards showed clips from each of his Slam triumphs. “The last three hours of the match have been very, very intense, no?” Nadal said. “Very tough mentally and physically, too.” Now at 19 majors—a total Medvedev called “outrageous”—Nadal is merely one away from rival Roger Federer’s record for men. But this one did not come easily. Not at all. Sure seemed it might, with Nadal ahead by two sets and a break in the third at 3-2, playing like “a beast out there,” as the No. 5-seeded Medvedev put it. At that moment, Medvedev would joke afterward, this is where his thoughts were: “OK, in 20 minutes I have to give a speech. What do I say?” But the 23-year-old from Russia did not go gently into the night. He broke right back to three-all, then again to claim that set and yet again to end the fourth. “The nerves were so high,” Nadal said. “A crazy match.” Not since 1949 has anyone won a US Open final after trailing by two sets to none. Never before had Medvedev won a five-set match. Only once before had Nadal lost a Grand Slam match after taking the opening two sets. And yet, the tension was real. At the very end—or what appeared to be the very end—Nadal couldn’t close it out. After breaking to lead 3-2 in the fifth, in a game Medvedev led 40-love before flubbing an easy forehand, Nadal broke again and served for the championship at 5-2. The way this back-and-forth tale was spun, though, it probably was inevitable that Medvedev would break there. And so he did, because Nadal double-faulted on break point after he was docked a serve for his third time violation of the evening, which elicited loud boos from folks in the stands. In the next game, Nadal held a pair of match points, but Medvedev, of course, avoided defeat yet another time, erasing one of those with a backhand winner, the other
with a service winner, earning a standing ovation. With Nadal’s backers screaming, “Close it out!” at the ensuing changeover, he once more stepped to the baseline to try to serve it out, this time at 5-4. Naturally, he was forced to deal with another heart-in-throat break point, but came up with a stinging forehand that drew a long forehand from Medvedev. Two points later, it was over, and the indefatigable Nadal was splayed on his back on the court, as he’s been so often at the conclusion of energy-sapping, willchallenging, high-stakes matches. “What he went through during the match and still being able to survive and finish the match that way, it’s out of this world,” said one of Nadal’s coaches, Carlos Moya. “You have to be, mentally, a genius. He’s still there, still fighting and turning things around when things look really bad. He was able to do that today.” Add the Spaniard’s haul in New York to his 12 titles at the French Open, two at Wimbledon and one at the Australian Open, and the 20-19 gap between Federer and Nadal is the closest it’s been in 15 years. Federer led 1-0 after his breakthrough triumph at the All England Club in 2003, and he had four by the time Nadal got his first at Roland Garros in 2005. Federer, who lost in the quarterfinals at the US Open, is 38, while Nadal is 33—making him the oldest male champion at Flushing Meadows since 1970. He’s also the first man to win five majors after turning 30. Nadal says he wants to finish his career at No. 1 in the Grand Slam standings—ahead of Federer and Novak Djokovic, looming in third place currently with 16—but also insists he won’t base his happiness on how it all shakes out in the end. This particular match ended the way he wanted it to. The journey just took more detours than anyone could have anticipated. It also, Nadal said, made “this day unforgettable, part of my history.” When the 6-foot-6 (1.98-meter) Medvedev sensed the loss approaching, he turned into a trickier foe, playing less defensively and more aggressively. He alternated serve-andvolley rushes with a penchant for out-hitting Nadal at the baseline. For a stretch, it felt as if Medvedev simply could not miss, and he finished with a 75-62 edge in winners. That’s the sort of ball-striking Medvedev displayed while going 20-2 during the North American hard-court circuit until Sunday, reaching four finals in a row. But he also switched tactics, winning 22 of 29 serve-andvolley points. “The way that he was able to fight, to change the rhythm of the match, was just incredible,” Nadal said. The Flushing Meadows fans that jeered Medvedev in Week 1 because of his oncourt behavior—he trolled his detractors by sarcastically thanking them and telling him their vitriol was why he won—were pulling for him. Or, as he noted during the trophy ceremony, pulling for more bang for the bucks they spent on tickets. They certainly got that. “I’ll definitely remember it,” Medvedev said, “even when I’m, like, 70 years old.”
C2
Spo
Business
Tuesday, September 10, 2019
Forum on obstacle sports, eSports
P
ILIPINAS Obstacle Sports Federation (POSF) and the national team that competed in the Female Esports League Elite League of Legends Tournament in Singapore lead Tuesday’s guests list in the Philippine Sportswriters Association (PSA) Forum at Amelie Hotel-Manila. POSF President Atty. Al Agra will be joined by Judith Staples and two other players in discussing their coming campaign in the 30th Southeast Asian Games the country will be hosting from November 30 to December 11. Representing eSports in the session presented
by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp. are Kevin “Gambit” Dizon, team captain of Liyab Arena of Valor, Caviar “Enderr” Acampado of Star Craft II, Liyab Team Manager Gerald Sobrepeña and Liyab Halina Arena of Valor team captain Em “Kaisaya” Dangla. The session is livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and 6:30 p.m. The session starts at 10 a.m.
Football club uses breakthrough Internet connection technology
J
OURNALISTS in the press center at the Volkspark stadium—home of the Hamburg football club HSV Fußball AG—are the first to file their stories using an innovative new means of wireless communication—Signify (Euronext: LIGHT). The system, called Trulifi, provides journalists with a highly reliable, secure and fast Internet connection through the room’s ceiling lights. HSV is the first football club in the world to install the groundbreaking technology which uses light waves instead of radio waves to provide an Internet connection. The Volkspark Stadium, which opened in 2000, has a capacity of 57,000 and is one of 10 stadia that will host the European football tournament in Germany in 2024. It is also certified to host other top international tournament matches. Like many stadia, the wireless signal in its busy press center was prone to overload due to journalists accessing the network and interference from mobile devices of fans, staff and officials, all pinging the wireless router. “Journalists who write, edit and file
stories under time pressure don’t want the added hassle of finding they can’t get online,” said Karsten Vierke, market leader for Signify in the DACH region. “Now the club is able to offer them a rock solid, secure and fast Internet connection along with high-quality, energy-efficient LED light that helps to lower the club’s carbon footprint.” “This is a world first for a football club and helps make the stadium an even more attractive venue for hosting important matches,” Vierke added. Signify installed 84 Philips PowerBalance gen2 LED recessed luminaires in the stadium’s press center. Eight of the luminaires have an integrated Trulifi 6002 transceiver, which modulates infrared light waves to provide an Internet connection of up to 150 megabits per second (Mbps). Journalists using the system receive a USB Access Key, which plugs into their laptop. This picks up the Li-Fi signal and transmits data back to the luminaire. The Li-Fi system is free from interference and encrypted. Also, an extra layer of security is builtin as light waves cannot pass through walls.
THE Philippines’s June Mar Fajardo and Andray Blatche double team Iran’s veteran Hamed Haddadi. FIBA.COM
PHL TRIES TO MOVE ON A
FTER Iran completed the annihilation of Philippine basketball at the Fiba World Cup in China on Sunday, it’s now on to 2023 for a bruised and battered Gilas Pilipinas program. The year 2023 marks the Philippines’s turn to cohost the World Cup with Japan and Indonesia, meaning the country gets an automatic seeding into the tournament without having to go through the tough qualifiers. “It’s a task ahead. We need to get the players ready, especially the young ones,” Gabe Norwood, a perennial national, said. “That’s something we need to look forward to.” “It will be an exciting year for Philippine
basketball and that the country must put the attention on harnessing the young generation of players for future use,” he added. The Iranians, led by the ageless Hamed Haddadi, hammered the last nail into Gilas’ coffin via a 97-75 blowout, sending the Philippines deep down in the cellar without a win. With the win—and thanks immensely to Nigeria’s 86-73 victory over China—gave Iran a ticket to the Tokyo 2020 Olympics. The World Cup provided the top Asian finisher that free ticket to Tokyo 2020, a chance the hosts failed to snatch. As a result, China will have to go through a qualifying tournament next summer. Nigeria also clinched an Olympic berth that goes to the top African finisher. “Right now, we kind of feel like it’s the golden age of Nigerian basketball,” said Ike Diogu, one of five National Basketball Association players on his country’s World Cup roster. “Unbelievable,” Iran forward Michael Rostampour said. “The highs and lows of this World Cup are just ridiculous.... This is a great day to be an Iranian.” The national team could feel nothing but remorse in the World Cup where every weakness possible for a basketball team was exposed on a
stage where the world’s finest were on display. Head Coach Yeng Guiao said they poured it all but admitted that the competition was just too tough. “We really played hard. We gave our best effort,” Guiao said minutes after their 20-point loss to Iran. “The players tried to keep the game close, but it wasn’t enough.” The Gilas program for the 2023 World Cup is built around a pool of 23 collegiate players who are expected to be ripe for the picking in over three years. The Samahang Basketbol ng Pilipinas aptly calls the program “23 For 23.” Against Iran, naturalized player Andray Blatche shot four-of-12 for 12 points. Robert Bolick topscored with 15 points spiked by three triples. June Mar Fajardo added 10, while CJ Perez had nine points. Serbia, meanwhile, lost to Spain, 81-69, in a matchup of teams that came into Sunday night with 4-0 records. Serbia will now face unbeaten Argentina in the quarterfinals at Dongguan, China, on Tuesday—with the winner there likely being in the same bracket with the US in the semifinals. Spain will head to Shanghai for a quarterfinal game with Poland, which lost to Argentina, 9165, earlier Sunday. Spain was down by nine early before taking
Tan bags 2 titles in Davao Open
M
ERWIN TAN captured two titles in the first Metro Davao Tenpin Bowlers Association-Davao Kadayawan Bowling Open Championships held recently at the SM Lanang in Davao City. Tan, 20, and playing under the tutelage of world champion Biboy Rivera, won the Open Masters and Youth Masters titles. He outclassed Man Man Nierra of ACBI-Prima, 216-160, during
their step-ladder showdown. Tan claimed the Youth Masters crown by scoring 203 points against Norel Nuevo’s 197 also in the step-ladder match. He made it to the stepladder event after posting a leading 1627 total pinfalls in the elimination round. “It was a blessing and I feel accomplished. I will train hard for the upcoming tournaments. Thank you to the Lord, PBF, PSC, POC, Team Prima and
control in a game where Serbian star Nikola Jokic was ejected after picking up two technical fouls in the third quarter. Ricky Rubio scored 19, Victor Claver had 14 and Marc Gasol added 11 for Spain (5-0). Bogdan Bogdanovic scored 26 points and grabbed 10 rebounds for Serbia (4-1), which was held to 34.3 points below its average from the first four games of the tournament. The Serbs lost gold-medal games to the US at the 2014 World Cup and 2016 Olympics. If they see the US again in this tournament, it’ll likely be in Friday’s semifinals—provided both teams advance. Luis Scola was brilliant again for Argentina (5-0), scoring 21 points. AJ Slaughter scored 16 points for Poland (4-1), which shot 38 percent and committed 23 turnovers. Marco Belinelli scored 27 points and Danilo Gallinari scored 22 as Italy (3-2) rallied from a 26-point third-quarter deficit, putting together a 42-9 run and then holding on in overtime, 94-89, over Puerto Rico. Renaldo Balkman scored 14 points and Angel Rodriguez scored 13 for Puerto Rico (2-3). Andrey Vorontsevich led Russia (3-2) with 17 points in a 69-60 victory over Venezuela. Michael Carrera had a game-high 19 for Venezuela (2-3). Ramon Rafael Bonilla
coaches for the support and guidance,” said Tan, who settled for bronze in the U-22 event of Fifth Fukuoka Summer Cup bowling tourney last month. The junior bowler is hoping to sustain his impressive performance when he represents the country in the 30th Southeast Asian Games from November 30 to December 11 in Mandaluyong City. Tan bagged gold medals in the 51st Singapore International Open last June and 20th Asian Youth Tenpin Bowling Championships in Malaysia last May, when he also copped the men’s open masters crown of the Philippine International Open in Mandaluyong City.
16 young players vie in net challenge
S
IXTEEN budding players from various cities nationwide are gearing up for the Cebuana Lhuillier Girls’ Tennis Challenge Under-14 and Under-16 Qualifying Tournament which opens Friday at the Makati Sports Club. The champions for both categories will represent the Philippines in the Women’s Tennis Association (WTA) Future Stars in China this October. Cebuana Lhuillier President and CEO Jean Henri Lhuillier expressed his excitement over the impressive turnout of competitors this year. “The Cebuana Lhuillier Girls’ Tennis Challenge has seen the talent of many junior tennis players since 2016, it has produced rising tennis stars like Alex Eala who recently made her debut at the US Open,” Lhuillier said. “My hope for these young girls is that they prove their mettle through this tournament and give the Philippines something to be proud of in the WTA Future Stars tourney,” he added. Competing in the Under-14 category are Alexa Milliam of Bacolod City, Marielle Alexi Jarata of La Union, and Tiffany Claire Nocos and Khymberly Jhane Mckenzie of Cebu. They are joined by Jufe-Ann Cocoy of Alabang and Mica Ella Emana of Manila. Lanao del Norte native Angel Denopol and Corazon Lambonao of Ormoc are seeing action in the Under-14 class. The roster for the Under-16 category include Jenaila Rose Prulla of Bulacan, Amanda Gabrielle Zoleta and Julia Asaliah Ignacio of Lucena City, and Justine Hannah Maneja of Quezon City. Rounding up the Under-16 girls category are Sydney Enriquez of Zamboanga del Norte, Kristine Guia Margarette Bandolis of Lanao del Norte, Maria Judy Ann Padilla of Ozamis City and Althea Fay Ong of Olongapo City.
KATIE GUAY is the most experienced with a 14-year officiating career that includes working women’s games at last year’s Winter Olympics, college hockey men’s games and being part of the first allfemale officiating crew to work the women’s Frozen Four championship last spring. AP
NHL EMBRACES FEMALE OFFICIALS
B
UFFALO, New York—Once the butterflies and adrenaline rush of officiating her first National Hockey League (NHL) prospects game subsided, Kirsten Welsh woke up Saturday eager to get back on the ice again. Whatever miscues Welsh made and hesitancy showed during her debut at the Buffalo Sabres prospects tournament a day earlier were overshadowed by how much she enjoyed the experience. There was also the realization she might have a future as an NHL linesman—or is it lineswoman? “I just think this is what I love. This is what I’ve always been about,” Welsh told The Associated Press by phone before preparing to officiate her second tournament game Saturday. “Having the opportunity to pursue this is just unbelievable. I can’t tell you how thankful I am.” The 22-year-old from Toronto was, as she put it “thrown into the fire,” by working a game
between Pittsburgh Penguins and Boston Bruins prospects. Aside from calling offside and icing and handling faceoffs, the 5-foot-10 Welsh was unafraid to get in the middle of several postwhistle scrums. “I think the guys were kind of thrown off that a girl was rushing in there to break them up,” said Welsh, who completed a four-year college career playing defense at Robert Morris last season. “I got smushed in the boards yesterday, too. It’s fun. I just think it’s so great to be out there with them and being able to be on the ice with all these amazing athletes.” Welsh has the potential of becoming a trailblazer in a role that’s been exclusively reserved for men at the NHL level until Friday. That’s when the league announced Welsh was one of four women selected for the first time to officiate the league’s various prospect tournaments held around the nation. AP
orts
sMirror
Tuesday, September 10, 2019 C3
Highlands Ladies Cup draws major support
T
HE W Group and Auto Nation Group return as two of the chief backers of the Highlands Ladies Cup, which braces for its grand 14th staging on October 5 at Tagaytay Midlands Golf Club. The W Group, the holding company of one of the country’s top business groups in food ingredient, real estate and investment industries, and Auto Nation Group Inc., the exclusive distributor of Mercedes-Benz in the country, head a mix of supporters as Diamond sponsors of the 18-hole tournament
Brewery, SL Agritech Corp., Burlington Socks, H&E, Parola Maritime Agency, Champion, Orocan, Concrete Masters, Kawsek Inc. and Wenger Watchers head the Bronze list with Erlinda Gamut as one of the donors. Like in all its previous editions, the tournament will have a shotgun start at 8 a.m. with around 200 players expected to see action, according to organizing Tagaytay Highlands Ladies Chapter (THLC) headed by
which features some of the country’s top golfing lady executives and corporate bigwigs. Registration is ongoing with fee at P3,500 for members and P4,500 for nonmembers, inclusive of green fee, cart, lunch, giveaways and raffle stub. For details, call Midlands Golf Services at 0917-886-5226 (members) and Analaine Blas at 0966-713-5199 (nonmembers). Security Bank is also back as Platinum sponsor, IMG as Gold backer and PLDT SME, Regent Travel, Sha-Wrap and New Golden City Builders make up the Silver sponsors, and Wee Community Developers Inc., Asia
tournament cochairs Dionne Cu and Connie Mamaril. Besides the centerpiece ladies division, other titles to be disputed under the System 36 scoring format are the men’s Classes A, B and C, and seniors category. As part of THLC’s social commitment, the tournament also serves as a fundraiser as part of its proceeds will go to the Sisters of Mary Boys and Girls Town Complex in Silang, Cavite.
CLYDE BACK IN HARNESS R
EIGNING Philippine Open champion Clyde Mondilla hopes to put up a strong showing coming off a long rest, targeting no less than a top finish in the International Container Terminal Services Inc. (ICTSI) Pueblo de Oro Championship unfolding on Wednesday in Cagayan de Oro City. The 2017 Philippine Golf Tour (PGT) Order of Merit winner marked his 2019 start with that surprise victory in the country’s premier championship at The Country Club last April but withdrew from other events to take a much needed break. He returned from a
HD Spikers foil Volley Masters
C
IGNAL HD rebounded from a draining thirdset defeat that took 39 minutes to finish, pouring it all out in the fourth to hack out a 25-10, 25-21, 34-36, 25-14 victory over Instituto Estetico Manila (IEM) for a second straight win in the Spikers’ Turf Season 4 Open Conference at the Paco Arena in Manila on Sunday. Marck Espejo came in only in the second set and went on to fire a top-scoring 20 hits while skipper Ysay Marasigan produced 17 points, and Edmar Bonono and Wendel Miguel combined for 26 points for the HD Spikers, who overwhelmed their rivals in spikes and blocks but needed to suffer a stinging defeat in the third frame. Cignal HD, thus, grabbed the solo lead in Pool A with a 2-0 mark over VNS Volley Club (1-0) and Adamson University (2-1) while IEM fell to 1-1 in the four-division tournament featuring 24 of the country’s leading commercial league teams and schools. The HD Spikers unleashed a 61-spike game, 24 more than the Volley Masters, while coming through with an impressive 18-block out as against their rivals’ measly three. Cignal also scored seven aces to complete its domination of IEM. In other results, Ateneo also needed to bounce back from a third-set defeat to repulse Lyceum, 25-23, 25-20, 18-25, 25-16, to notch its first win in Pool B while dealing the Pirates their third straight defeat. Far Eastern U, on the other hand, shrugged off a brief Army resistance in the opening frame and went on to fashion out a 27-25, 25-16, 25-19 victory for a 1-1 card in Pool C. Army fell to 0-4. Air Force, meanwhile, shoots for its third win in Pool B as it faces EasyTrip (1-0) at 5 p.m. at resumption of action on Tuesday with Adamson University also gunning for its third victory in four games against VNS Volley Club (1-0) at 3 p.m. and University of Santo Tomas out to improve its 1-1 card against San Beda (0-1) at 1 p.m.
two-month layoff and tied for 12th in Bacolod and after missing two more tournaments, he turned in a third-place effort at Riviera last month but skipped the Aboitiz Invitational of the PGT Asia last week. But with the PGT resuming with four tournaments in Mindanao, the Del Monte ace finds it fitting to sort of relaunch his campaign at his turf with this week’s P2.5 million event sponsored by ICTSI also serving as part of his buildup for the ICTSI Del Monte Championship from September 18 to 21 where he hopes to dominate on a course he calls home. “I just took a long rest, no injuries whatsoever, so I hope to play good this week,” Mondilla said.
CLYDE MONDILLA is eager to relaunch his campaign in big fashion at Pueblo de Oro
SAN BEDA SWEEPS NCAA CHESS TITLES S AN Beda University swept the men’s and women’s championships of the National Collegiate Athletic Association Season 95 table tennis tournament on Sunday at the Jose Rizal University (JRU) gymnasium in Mandaluyong City. The Red Paddlers’ conquest was so special that they ended the College of Saint Benilde Blazers’ five-year reign in the semifinals with a 3-0 victory that sent the stage for a golden double. In the finals, San Beda defeated University of Perpetual Help System Dalta, 3-1, to become the new kings. The Lady Red Paddlers, on the other hand, turned back the Lady Blazers, 3-1, to remain on the throne for the seventh straight year. Abbie Nuevo and Alexis Bolante won the season Most Valuable Player honors in the women’s and men’s division, respectively, while Kurt de Guzman was named the Coach of the Year in both divisions. Perpetual Help defeated Arellano University, 3-1, in the other semifinal.
Jr Warriors stun reigning champs in UAAP spikefest
Davao will host the next stop from October 2 to 5 for the ICTSI Apo Golf Invitational before the PGT Mindanao swing winds up at the South Pacific Golf and Leisure Estates, also in Davao from October 9 to 12. But like Mondilla, the rest of the stellar cast are ready and raring to fuel their respective drive with strong showing, ensuring a spirited battle right in the first round of the 72-hole championship serving as the seventh leg of the 10th season of the circuit organized by Pilipinas Golf Tournaments Inc. They include a slew of top guns from talent-rich Mindanao, led by Davaoeños Jhonnel Ababa, Jay and Rufino Bayron, Mhark Fernando, Ferdie Aunzo, Tony Lascuña and Elmer Salvador, along with Johvanie Abaño, Reymon Jaraula, Paul and Peter Miñoza. A number of foreign aces are also out to spoil the locals’ bid, including American Lexus Keoninh, Thais Kammalas Namuangruk
and Pachara Sakulyong, Macedonia’s Peter Stojanovski and Dutch Guido van der Valk, who is actually shooting for a second leg win after ruling the Club Filipino de Cebu Invitational last June. Meanwhile, a select group of pros, led by Mondilla, test the Pueblo layout one last time in today’s (Tuesday) pro-am where they will be paired with officials and guests of the event’s chief backers, including ICTSI, Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc. Others tipped to contend for the top P450,000 purse are former Philippine Masters titlist Jerson Balasabas, Michael Bibat, Marvin Dumandan, Anthony Fernando, Keanu Jahns, Mars Pucay, Gerald Rosales and Rupert Zaragosa.
In the women’s semifinals, the Lady Red Paddlers downed the Lady Altas, 3-0, to arrange a title match against the Lady Blazers, who edged last year’s runner-up Letran, 3-1, in the other pairing. San Beda also copped the junior’s crown with a 3-1 conquest of Perpetual Help, with Ruiz Arch Marcelino winning the season MVP award. In chess, Arellano and Perpetual Help lived another day after beating higher-ranked Final Four seniors opponents Sunday over at the San Beda gym in Mendiola, Manila. The fourth-ranked Chiefs nipped defending champion Saint Benilde, 2.5-1.5, while third-ranked Altas downed No. 2 San Beda, 3-1. The deciding semifinal matches will be played Wednesday. In the juniors division, Perpetual Help will have a shot of retaining the championship, this time against San Beda after the Junior Altas and the Junior Red Woodpushers won their Final Four matches via tiebreak over No. 4 Arellano University and No. 3 Lyceum of the Philippines University, respectively. San Beda, meanwhile, tries to bag its 10th
U
NIVERSITY of the East (UE) sent defending champion Nazareth School of National University (NSNU) reeling to its second straight defeat, while University of Santo Tomas (UST) and Far Eastern University (FEU)-Diliman also notched their second straight victories in the University Athletic Association of the Philippines Season 82 boys’ volleyball tournament on Sunday at the Blue Eagle Gym. The Junior Warriors rose to 2-0 following a shock straight-set 25-20, 25-18, 25-22 conquest of the Bullpups. The Junior Tiger Spikers outlasted Ateneo, 25-15, 25-20, 23-25, 25-12, while the Baby Tamaraws topped De La Salle-Zobel, 25-20, 2527, 25-20, 25-19. Team captain Francis Babon led UE with 12 points, 11 receptions and nine digs, while Giles Torres and Joshua Espenida each had 10 hits. Michaelo Buddin powered NSNU with 12 points. UST was able to utilize all of its players and had three of them in double digits led by Rey de Vega’s 13 points. “We experimented with different combinations so as to give other players exposure,” said Assistant Coach John Abella after the Junior Tiger Spikers followed up last Wednesday’s season-opening win over the Bullpups. Ateneo, paced by Alexis Mendoza with 10 points, fell in a tie with NSNU at 0-2. Ahead by just two points in the fourth set, 8-6, UST needed a 17-6 blast, punctuated by CJ Segui’s off the block kill, to secure its second victory. Emmanuel Advincula registered 16 points
straight win when it faces Emilio Aguinaldo College in the seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City. The raging Red Lions battle the lowly Generals (1-8) at 12 noon. In the 2 p.m. match, Lyceum (6-3) tries to avenge a first-round loss to Arellano University (2-7), while Letran (6-3) shoots for a repeat over JRU (3-6) at 4 p.m. San Beda looks unstoppable in its bid for a fourth-straight title, with its recent win coming at the expense of Mapua, 69-60, last Friday at the Cuneta Astrodome. Despite the favorable result, Coach Boyet Fernandez saw some need for refinement. “That’s really a lesson for everyone. We really have to prepare every game and for us not to underestimate any team” said Fernandez, whose Red Lions needed to dig deep in late game to seal beat the Cardinals. “I hope it’s a wake-up call for everyone especially for my player,” he said. The Generals were beaten, 72-89, by the Red Lions in their first meeting last July 18. built on 12 spikes and four service aces while Angelo Lipata and France Racaza added 13 apiece for the Baby Tamaraws, who dominated the spiking department over the Junior Green Spikers, 64-50. Action resumes on Wednesday with three girls’ games and one boys’ tilt at the Paco Arena. Rookie forward Rhenz Abando, meanwhile, surprised everybody with the immediate impact he delivered all the way from La Union for UST to emerge as the men’s basketball Collegiate Press Corps UAAP Player of the Week. The transferee from Philippine College of Science and Technology in Pangasinan announced his arrival with a 22-point output, including five triples, in UST’s 95-82 victory over the University of the East Red Warriors last Wednesday. Coach Aldin Ayo had nothing but praises for Abando who, himself had to go from La Union to Pangasinan before getting the chance to shine in Manila. “Rhenz is very talented, and he knows what he needs to work on in his game,” Ayo said. “Rhenz is his family’s breadwinner so he needs no motivation. They’re playing for their families and their community.” Three days later, the Growling Tigers sent a statement by taking some shine off the fancied Fighting Maroons, 85-69, where the 6-foot-2 forward provided a boost off the bench with 12 points, seven rebounds, two assists and two steals. In all, Abando normed 17.0 points, 5.5 boards, and 2.5 assists in his first two outings in the league—leaving no doubt as to why he was the unanimous choice by media from print and online covering the beat.
Genesis makes mark for Lady Falcons
T
RISHA GENESIS displayed an unrelenting spirit when Adamson University staggered in the opening set following an early scoring outburst from Ateneo last Sunday. The sophomore spiker carried the scoring cudgels with aplomb, helping the Lady Falcons recover from a flat-footed start en route to their fourth straight win that punched them a ticket to the semifinals of the Premier Volleyball League Season 3 Collegiate Conference. “Not until someone scores 25 [points], it remains anybody’s game,” Genesis said. “We must not give up. We must find ways to win.” For her effort, Genesis earned the Sports
Vision PVL Collegiate Conference Player of the Week. The native of Santa Rosa in Laguna fired a game-high 19 points built on 12 attacks and six service aces to go along with nine excellent receptions in that match. But more than just the desire to lift Adamson University to the next round, Genesis also had another motivation coming into the marquee showdown. Genesis bested teammate Louie Romero, University of Santo Tomas’s Eya Laure, College of Saint Benilde’s Klarisa Abriam, San Beda’s Nieza Viray and San Sebastian’s Reyann Cañete for the weekly award handed out by reporters from print and online covering the league.
KIDS have fun playing football race during the Sports for Peace Children’s Games at the Holy Cross of Malita in Davao Occidental.
Children’s Games Davao unfurls with Malita leg
T
FUTURE OF FOOTBALL Young players carry the country’s colors during the opening ceremony of the Season 4 of the Philam Life 7s Football League recently at the McKinley Hill Stadium. A total of 66 teams in the Premier, Women, Men, U15, U13, U11 and U9 divisions are seeing action.
HE Children’s Games series in Davao region got under way with the Malita leg Davao Occidental with 250 Muslim, Christian and Lumad kids in attendance over the weekend. The Ate-Kuya leadership training was held on the first day while the Larong Pinoy and alternative games were conducted the following day. Philippine Sports Commission (PSC) Commissioner Charles Raymond Maxey represented PSC Chairman William “Butch” Ramirez in the opening ceremony where he thanked the Holy Cross of Malita for hosting the games. “Our chairman loves the children and he wants the children to play. We are determined to continue this program, which went full blast all over the country back in 2017,” Maxey said. Holy Cross of Malita Administrator Sister Elizabeth Garrote also thanked the PSC for granting them the right to host the event, a major component of the PSC’s Sports for Peace program. A total of 20 indigenous peoples (IP) children joined the games. “It’s so heartwarming to see them play with
each other in the spirit of fun and respect,” PSC Mindanao Cluster Head Ed Fernandez said. “The work of peace-building starts among the children.” In Davao City, PSC Mindanao and Holy Cross of Davao College, led by its president, Dr. Ma. Iris Melliza, helped put up the Sports for Peace Children’s Games at Lower Tamugan Elementary School. Some 200 children participated in the games. A leadership training for Ate-Kuya volunteers was also held and activities included the bodots dance, Maria Went To Town, balloon relay, hula hoops and kadang-kadang were staged. Over in New Bataan, 200 kids had a fun-filled day playing sack race, tug of peace, futbol race, pass the message and bring me. Compostela Valley Gov. Jayvee Tyron Uy and Mayor Geraldford Balbin were present during the opening ceremony. PSC-Mindanao’s Melchor Anzures also led a futsal clinic to about 60 kids. Similar Children’s Games are set in Agdao, Davao City, (September 20 and 21) and in Maragusan, Compostela Valley (September 27 and 28).
Hamilton would M take flag for potential win
ONZA, Italy—Championship leader Lewis Hamilton said he would be willing to get a warning flag for a risky move if it meant potentially winning a race. Hamilton finished third in Sunday’s Italian Grand Prix, behind Mercedes teammate Valtteri Bottas and race winner Charles Leclerc, who ended Ferrari’s nine-year wait for success at its home track. Hamilton was in relentless pursuit of Leclerc for most of the race and almost got past on Lap 23 but his younger rival veered to the right and forced him onto the runoff. “He didn’t leave me a car’s width,” Hamilton yelled on team radio. “He pushed me off.” The 21-year-old Leclerc was shown a black-and-white flag—the equivalent to a yellow card in soccer. “If that’s how we’re able to race, then I’ll race that,” Hamilton said afterward. “As long as we know that you’re allowed to not leave a car width for example, you don’t have to do that now. “You’re allowed to run wide even if someone’s there and you only get a warning flag, you only need that once to potentially keep the guy behind you. So as long as it’s clear moving forwards that’s fine, just so I know how to go into battle, same for all the drivers.” Max Verstappen was given a five-second penalty for a similar move last year at Monza. When Hamilton was questioned about it, he replied tersely: “I guess the stewards woke up on a different side of the bed this morning, I don’t know.” Another defensive move from Leclerc later in the race had Hamilton saying on team radio: “Some dangerous driving going on here.” However, Hamilton said later that he had no qualms about Leclerc’s style of driving. “There is absolutely zero issue with us,” the five-time world champion said. “I think he did an exceptional job day today and I don’t have any problem. It is what it is. “I haven’t spoken to him but if we get some time together we might chat for a second, just reverse roles, just make sure he’s cool if I’m in that position and that happens. If that’s cool then that’s how we’re racing.” Hamilton saw his championship lead trimmed by two points but is still 63 points ahead of Bottas with seven races remaining. The 34-year-old Hamilton said he would have driven differently in the first incident if he already had the title wrapped up. “I wouldn’t have moved and we would have collided,” he said. AP
CHELSEA’S Bethany England (left) celebrates her goal against Tottenham Hotspur with teammate Magdalena Eriksson during the Women’s Super League. AP
Sports BusinessMirror
C4
| Tuesday, September 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
INTEREST IN WOMEN’S SOCCER SURGES
L
LEWIS HAMILTON finishes third in Sunday’s Italian Grand Prix. AP
9-YR DROUGHT’S OVER FOR FERRARI By Daniella Matar
M
The Associated Press
ONZA, Italy—Charles Leclerc hadn’t even reached his teens the last time Ferrari won the Italian Grand Prix. Only a week after achieving a first Formula One victory in Spa, Leclerc ended the storied team’s lengthy wait for victory at its home circuit. The noise from the passionate Ferrari tifosi (fans) was deafening as Leclerc roared to the finish line at Monza. It grew even louder when he became the team’s first driver to step onto the top spot of the iconic podium since Fernando Alonso in 2010. “It really means so much to me,” said Leclerc in Italian, as he spoke above a sea of red as thousands of Ferrari fans wearing that color chanted his name and waved flags. Flares were lit, red, white and green ticker tape unleashed and giant Ferrari flags unfurled. “It was already a dream come true at Spa [Belgian GP], winning here is 10 times more,” said the 21-year-old
Leclerc, who was only 12 when Ferrari won in 2010. “I don’t have words.” Leclerc, who started from pole position, roared in delight as he crossed the line 0.8 seconds ahead of Valtteri Bottas and 35.1 seconds ahead of championship leader Lewis Hamilton. “In the last two laps I started to believe that the win was possible. I let all my emotions on the radio, I don’t think anyone could understand what I said,” said Leclerc with a laugh. Leclerc’s credentials were tested to the maximum by Hamilton but the five-time world champion ended up playing second fiddle to the sport’s rising star. “Charles did a great job,” Hamilton said. “He came under a lot of pressure from Valtteri and I. “I did the best I could, but following so closely for so many laps, the tires just went off the cliff. It was not our day.” Hamilton hounded Leclerc, especially after pitting at the end of lap 19 and emerging on medium tires. Leclerc pitted a lap later and although he managed to come out in front of Hamilton, he was on hard tires.
CHARLES LECLERC ends Ferrari’s nine-year wait for an Italian Grand Prix win at Monza. AP
Shortly afterward, Hamilton almost got past but Leclerc held him off in a move that ended with the Mercedes on the grass. Leclerc was given a black and white warning flag for that but no penalty. Another defensive move from Leclerc later in the race had Hamilton saying on team radio: “Some dangerous driving going on here.” Max Verstappen was given a five-second penalty for a similar move last year at Monza. When Hamilton was questioned about it, he replied tersely: “I guess the stewards woke up on a different side of the bed this morning, I don’t know.” Any hope Hamilton had of snatching victory slipped away with 11 laps remaining as he made a mistake at the first corner, ending up on the escape road and allowing Bottas to take second. With that, Hamilton gave up his pursuit of Leclerc and instead pitted for fresh tires in order to set the fastest lap and get the bonus point. Bottas took over the attack on Leclerc and, on fresher tires, kept gaining but locked up with two laps remaining, paving the way for an emotional win for
Leclerc, who recorded the first victory of his F1 career at last weekend’s Belgian GP. “The race felt a lot longer than 53 laps but the moment I crossed the finish line to now is just pure happiness,” Leclerc said. Leclerc’s teammate Sebastian Vettel had a miserable race as he was given a 10-second stop/go penalty early on for returning to the track unsafely after spinning off at the Ascari chicane and almost causing an accident with Lance Stroll. “He just came back onto the circuit like an idiot!” Stroll said on team radio. Vettel, a four-time world champion, finished 13th and a lap behind Leclerc. Hamilton saw his championship lead trimmed by two points but is still 63 points ahead of Bottas with seven races remaining. “For sure it’s a gap but it’s not like night and day, so you never know what happens in the championship,” Bottas said. “There still might be opportunities, even for the championship there’s no point giving up because we still have seven races and things can happen.” AP
ONDON—The opening weekend of the Women’s Super League (WSL) season attracted almost 63,000 fans across six games as England enjoyed an unprecedented increase in crowds, building on a surge in interest in women’s soccer during the World Cup. The cumulative crowd was a 12-fold increase on the start of the 2018-19 season when 5,167 fans attended the five games before the English top flight was enlarged from 11 to 12 teams. The total of 62,921 was reached this weekend thanks largely to Manchester City using the Etihad Stadium and Chelsea using Stamford Bridge, rather than the smaller venues where their women’s teams usually play, and men’s clubs not playing during the international break. A WSL attendance record was set Saturday when 31,213 saw Manchester City beat newly promoted Manchester United 1-0. Chelsea had distributed 40,000 tickets for free for the visit of Tottenham on Sunday and 24,564 attended—still a record crowd for the west London club’s women’s team. “We can be cynical about paying for tickets,” Chelsea Manager Emma Hayes said after her team’s 1-0 win, “but I’m not going to criticize it because we’ve built on the momentum of the World Cup.” Bethany England’s long-range strike after four minutes sealed the victory for the two-time WSL champions over a promoted Tottenham side that had eight players making their debuts. Tottenham overhauled the squad after becoming fully professional following its promotion from the second-tier Championship. “We’ve won a lot today, not just three points, in people’s consciousness women’s football will continue to grow and I’m so proud of this football club,” Hayes said. “I doubt I’ll ever work at a place that has pushed and pushed for women to progress like this place has.” Arsenal opened its title defense with a 2-1 victory over West Ham in front of 1,795 fans at a stadium in Boreham Wood, north of London. The English Football Association is looking to build on the interest in the women’s game that swelled as England reached the World Cup semifinals in July, losing to the United States. “This weekend has been absolutely incredible in terms of attendance,” Tottenham Manager Karen Hills said. Albania’s prime minister, meanwhile, said French President Emmanuel Macron has apologized to him after the wrong national anthem was played ahead of a European Championship qualifier between the two countries on Saturday. Edi Rama tweeted Sunday that Macron expressed “his sincere apology for the scandalous gaffe of the French Football Federation with our National Flag anthem!” France won the Group H game in Paris 4-1. Albanian players looked bemused—and fans angry—when Andorra’s anthem was played instead of Albania’s. Andorra is in the same qualifying group as France and Albania. The start of the match at Stade de France was delayed for about 10 minutes, and the right anthem then played. Another incident occurred when the stadium announcer mixed up Armenia—which is not in the same group—with Albania. France’s next opponent is Andorra at home on Tuesday. Sergio Ramos, on the other hand, equaled the record for the most appearances for Spain as his team continued its march toward qualifying for the 2020 European Championship by beating Faroe Islands 4-0 on Sunday in Barcelona. The 33-year-old Ramos matched goalkeeper Iker Casillas’s milestone with his 167th game for La Roja. The Real Madrid defender, who received a standing ovation at Gijón’s El Molinón stadium when substituted late in the game, will establish a new mark if he plays against Norway on October 12. “To equal the best goalkeeper in the history of football was a very important goal for me,” Ramos said. “It was complicated, but I had the good fortune to debut very young and to stay in favor of all the coaches I have had, and be blessed with not suffering injuries. “I hope I can defend these colors for many more years.” Ramos has a record of 125 wins, 22 draws and 20 losses with Spain since his debut in 2005. He has helped Spain win a World Cup and two European Championships. Italy joined Spain in also winning its sixth match in as many qualifiers for next summer’s tournament, keeping both on pace to win their respective groups. But while Spain eased past the modest Faroe Islands, Italy struggled to win 2-1 at Finland. Spain and Italy are ranked first and fourth in UEFA’s ranking of European teams, respectively. The Faroe Islands are ranked 53rd and Finland 43rd. Spain leads Group F with 18 points, well ahead of Sweden in second place with 11. Italy took a big step to winning Group J by taking its total to 18 points. Finland is second with 12. AP
D
EAR God, You are full of mercy and love for all who cry out to You in their need. In faith we pray: Saving God receive our prayer. Inspire Pope Francis and bishops in their attention to the needs of the families. Lead all who are entrusted with governing nations to speak the truth and conduct affairs with integrity and justice for the poor. Help us to extend compassion to those who feel alone in their suffering. May God bless us and gather us together in Christ, by the power of the Holy Spirit. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com
Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
BusinessMirror
Tuesday, September 10, 2019
D1
KOHLER’S Shadows collection of enameled cast iron kitchen and bath products that include a rich, saturated Indigo Blue, shown here which celebrates the natural dye in a new way.
➜
DURAVIT’S Starck 1 barrel vanity and is now available in an inky blue. The color and unique shape make it a standout piece in bathrooms of any size.
Life
BOX OFFICE: ‘IT: CHAPTER TWO’ SCARES UP $91 MILLION WITH DEBUT D3
➜
Forgiving God
➜
ARTERIORS Warby ottoman comes in a deep blue velvet with gold Deco-inspired accents and would add a chic touch of this inky hue to a living room, dressing room or master suite.
POTTERY Barn’s Irving roll arm leather armchair. The Irving looks modern in on-trend indigo blue leather.
Those moody blues: Inky hues saturate home décor I
By KiM COOK The Associated Press
N fashion, it’s replaced black as the new dress-up color. And it’s riding a wave of popularity into home décor, too. What’s the buzz about? The color blue. And while all blues, from baby to sky, are popular, it’s the deep, inky ones that are exciting home decorators. “Navy is one shade with so many ways to implement it, from accessories to large-scale furniture,” says Nina Magon of Contour Interior Design in Houston. “It can work within traditional or modern design aesthetics. It’s a favorite of mine, because it evokes a serene and calming emotion while also evoking a sense of luxury and opulence.” Dark blues have become popular in the kitchen, too. “We’re definitely seeing an increase in deep, moody blues,” says Houzz.com editor Mitchell
Parker. “It’s usually used on an island or base cabinets with white uppers for a two-tone look, but the most popular kitchen photo uploaded to the Houzz site in the past three months featured all-blue cabinets. It’s a safe but strong color that pairs nicely with satin brass finishes, which are also having a moment right now.” Benjamin Moore’s color marketing director, Andrea Magno, says deep blues complement many styles or design goals, modern to nautical, or sophisticated and mysterious. “Homeowners have more access to design ideas than ever, triggering greater confidence levels when it comes to selecting color—especially darker colors, which used to be a daring endeavor,” she says. “Dark blue has always been a classic, but today we’re seeing an increase in using this color for a variety of surfaces.” Magno says deep blue used on walls and millwork has a dramatic effect, and works well as an accent, too. “It pairs well with many colors, from soft yellow to
deep teal, or even red, and it may be a softer option for cabinets, doors and walls than black,” she says. For paint options, consider Benjamin Moore’s Hale Navy, Van Deusen Blue and Kensington Blue. PPG Paints’ Chinese Porcelain is the company’s 2020 Color of the Year. And at Sherwin-Williams, there’s Jay Blue, Moscow Midnight and Naval. “I see dark blue as the perfect opportunity for homeowners to move away from the beige neutrals we’ve seen dominating the home décor space the last few years,” says Phoenix designer Daniel Germani. “If you think about the ease and familiarity with which you’d wear your favorite jeans or navy blazer, this shade has the same versatility.” He’s collaborated with Cosentino, a maker of surfacing material, on a new collection of its Dekton Chromica for countertops, backsplashes and elsewhere that features an inky blue colorway. “It plays well with whites, grays, greens and
brighter hues, and translates beautifully across decorating styles,” Germani says. Kohler is introducing Shadows, a collection of enameled, cast-iron kitchen and bath products that includes a rich, saturated Indigo Blue, celebrating the natural dye in a new way. You might put the color in the vanity: Signature Hardware’s Robertson console vanity comes in both single and double sink versions. Duravit’s Starck 1 Barrel vanity is also available in dark blue, and the unusual shape makes it a standout option. IKEA’s well-priced Billy bookcase is now available in dark blue, as is the Alex desk. Formica offers midnight blue-hued Nocturne laminate sheets, so you can cover whatever inspires you. At Pottery Barn, you’ll find the Irving armchair in an indigo blue leather. And at Arteriors, the Warby drum ottoman perches on Deco-inspired brass legs, all dressed up in blue velvet. n
Four PHL design brands join Paris’s Maison & Objet for the first time A COLLECTIVE of like-minded Philippine designers and manufacturers are in Paris for the premier interior design trade show Maison & Objet (M&O), ongoing at the Paris Nord Villepinte Exhibition Centre. Gathered under the theme “Kindred: A Design Collective” and the creative direction of Rita Nazareno and Gabby Lichauco, 13 Philippine design brands—CDO Handmade, CSM Philippines, E. Murio, Finali, HaloHalo, JB Woodcraft, Nature’s Legacy, Schema, Southsea Veneer, Tali Handmade, Vito Selma, Weave Manila and Zacarias 1925—represent the country and bring proudly Filipino designs to a global audience. While most of this year’s participants have previously participated at M&O, four are joining the prestigious design event for the first time: E. Murio, HaloHalo, JB Woodcraft and South Sea Veneer. Heritage furniture maker E. Murio has produced over 40 years’ worth of finely crafted furniture, home interiors and accessories. Working with tropical woods, bamboo, rattan and grass weaves, as well as metal and leather finishes, E. Murio’s timeless, tropical designs echo its Spanish and Asian roots. For their presentation at M&O, it brings in pieces from their rattan and bamboo collection, called “Unadorned,” which features simple and functional yet exquisitely made everyday objects. Another industry veteran is South Sea Veneer. Based in
Mabalacat, Pampanga, South Sea Veneer—an offshoot of family business Betis Crafts—has had years of experience in exporting their products to countries like Japan, Australia and the United States. Their participation in M&O, however, spotlights their contemporary woodwork for the appreciation of a whole new international market, particularly the European set. Following Kindred’s theme that focuses on smaller decorative objects, South Sea Veneer showcases nesting trays made with lahar casted in resin and wood covered in faux shagreen, as well as decorative bauble boxes made of mappa burl veneer. JB Woodcraft, sister company to South Sea Veneer, is also a subsidiary to core family business Betis Crafts. But unlike South Sea Veneer’s clean and modern lines, JB Woodcraft specializes in intricately carved wood. Bold, ultra-detailed and life-like, its skilled artisans, helmed by Leslie Bituin-Mendoza, hand-carve each design—from oldworld romantic filigrees that fill entire bed frames, to more contemporary pieces that feature a single carved element. Their collection for M&O, however, is all about accent pieces, like a floral wreath mirror or tabletop candleholders, made more contemporary with a sleek black finish. The youngest brand in the group is HaloHalo. Established in 2013 by the brother-and-sister team of Rocco and Cara Sumabat, it is a lifestyle brand based in Manila. Much like the local delicacy it is named after, HaloHalo is a mélange of
handbags and home accessories made with various materials and unlikely combinations. They initially designed large multipurpose tote bags, aptly called Bayong, made out of recycled plastic banig, that could be used for grocery runs, as a planter or even storage. While the traditional banigs we have come to know are made with brightly colored weaves, HaloHalo recreated their version in muted tones and fine patterns, lending it a more contemporary feel. After a sold-out first collection, the brand expanded their line to include smaller totes with leather straps and fun bungee cord details, to home and outdoor accessories like roll-up travel mats or poolside recliners—all made with their signature banig material. For their first international trade show, HaloHalo will showcase their time-tested pieces like their Sopa ottomans. Also made with their recycled plastic banig, these ottomans come in various shapes and sizes that can be stacked or styled together. The brand has also collaborated with E. Murio, providing their signature banig on the latter’s dog houses and small furniture pieces. “We love everything E. Murio makes, and it was such an ease working with their team that we hope to continue this collaboration,” says Cara. Catch these four labels and see more of their worldclass designs at the DesignPhilippines presentation in Hall 5A Unique and Eclectic Signature, Booths M40-N39 at Maison & Objet.
D2
Tuesday, September 10, 2019
Pages BusinessMirror
www.businessmirror.com.ph
Five award-winning books to add to your shopping list T HE wonders of award-winning books—its vivid illustrations and masterful storytelling, the genres it explores—all these make them appealing to many age segments, most important to young readers. These well-thought out books are designed for children and teens to help impart valuable lessons and hone skills in art, creativity and imagination, reading and writing, as well as critical thinking. Furthermore, award-winning books serve as a springboard for social studies, science and even math lessons. Whether you’re searching for a gift for the young ones or just looking for the next book to add to your library, here are five books to put on your list that the Manila International Book Fair (MIBF) recommends. Slated this September 11 to 15 at the SMX Convention Center, Mall of Asia Complex, Pasay City, the 40th MIBF will gather hundreds of book publishers, authors, and distributors under one roof for the biggest and longest-running book fair of the country. n ‘ALL THE LIGHT WE CANNOT SEE’ BY ANTHONY DOERR. This New York Times best seller by multi-awarded author Anthony Doerr tells the story of a blind French girl and a German boy whose paths cross as they try to survive in occupied France during World War II. Filled with stunning physical detail, the book paints a crisp image of life during the devastation of the war and how, against all odds, people try to be good to one another. A Pulitzer Prize winner, Yalsa Alex Awardee, and recipient of the Andrew Carnegie Medal for Excellence in Fiction, All the Light We Cannot See is a deeply moving novel that will leave readers at the edge of their seat. n ‘THE HOUSE OF THE SCORPION’ BY NANCY FARMER. Winner of the National Book Award for Young People’s Literature, as well as the Michael L. Printz and Newbery Honors, this page-turner is a modern sci-fi classic that follows the story of Matteo Alacrán—a clone bred for his organs by the notorious drug lord El Patrón—in his journey to escape his tragic fate, find the meaning of his existence and discover his humanity. n ‘HELLO, UNIVERSE’ BY ERIN ENTRADA KELLY. Written by critically-acclaimed and award-winning author Erin Entrada Kelly, this book puts together intertwining points of view of an eclectic cast of misfits in an epic rescue. Kaori, Gen and Valencia’s quest to find the missing Virgil is a delightful novel that celebrates friendship, bravery and finding your inner hero. Hello, Universe is a recipient of the Newbery Medal n ‘THE HATE U GIVE’ BY ANGIE THOMAS. In this fearless and engaging debut by author Angie Thomas, Starr Carter
z
By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Ryan Phillippe, 45; Colin Firth, 59; Amy Irving, 66; Joe Perry, 69. HAPPY BIRTHDAY: You can sail into the future with optimism. All the hard work you’ve put in will pay off. Don’t let what others do deter you from following your dreams. A setback can be avoided if you are cognizant of living within your means and being realistic when choosing your friends and those you do business with. Your lucky numbers are 7, 10, 18, 26, 32, 35, 43.
a
ARIES (March 21-April 19): Consider how best to share your feelings with the people you love or work alongside. Have a positive strategy in mind, and you will be able to bring about the changes that will make your relationships better. HHH
b
TAURUS (April 20-May 20): A change will set you on a new path. Express your thoughts and concentrate on what you will need to do in order to reach your destination. Personal improvements are favored and will encourage you to do your best. Romance is highlighted. HHH
c
GEMINI (May 21-June 20): Keep moving forward. Get things done and plan activities that will help you get rid of any frustration or anxiety you feel. Talk less and do more. Don’t believe secondhand information. Do what makes you feel most comfortable. HHHHH
d
CANCER (June 21-July 22): Take pride in what you do. Run your home efficiently to cut your overhead, allowing disposable funds you can spend on entertainment, family and your own personal needs. Romance is on the rise and will help to enhance your personal life. HHHH
finds her voice to fight injustice in the two communities she lives in: her poor neighborhood Garden Heights and her elite private school Williamson Prep. Praised for its “smooth but powerful prose” and its timeliness, the book has been awarded with several accolades, namely, the William C. Morris Award for Best Debut Book for Teens, the Coretta Scott King Honor for Best Novel by an African-American Author for Children, the Boston Globe-Horn Book Award, the Deutscher Jugendliteraturpreis in the Young Adult section, the American Bookseller’s Association Indie Award for Best Young Adult Novel and the Michael L. Printz Honor Book for Best Novel for Teens. Bearing a strong sociopolitical message in light of the “Black Lives Matter” movement, The Hate U Give is a compelling and relatable story that is very relevant today. n ‘ARISTOTLE AND DANTE DISCOVER THE SECRETS OF
THE UNIVERSE’ BY BENJAMIN ALIRE SAÉNZ. An imaginative novel exploring family and friendship, Aristotle and Dante Discover the Secrets of the Universe is a coming-of-age story about two Mexican-American boys that share a special friendship, the life-changing kind that lasts a lifetime. Recipient of the Michael L. Printz Award Honor Book for Young Adult Fiction, Pura Belpré Narrative Medal, and the Stonewall Book Award, this marvel by Benjamin Alire Saénz is a meticulous and honest exploration of identity. Find these titles and other award-winning books at booths like Fully Booked, National Book Store, Anvil Publishing, IBC Book Consolidators Inc., and many more at the 40th MIBF. Organized by Primetrade Asia Inc., fairgoers can get a hold of exclusive deals and limited items like new releases, best sellers and even collector’s items. More information is available at 896-0661 or 896-0682. n
Popcom launches former UNFPA Executive Director Rafael M. Salas bio AN exhibit at the book launch of A Millennial Man for Others: The Life & Times of Rafael M. Salas shares the remarkable achievements of Rafael “Paeng” M. Salas. Known as “Mr. Population,” Salas was the first-ever head of the United Nations Population Fund, which is also celebrating their 50th year in the Philippines.
Today’s Horoscope
THE Commission on Population and Development (Popcom), in partnership with the United Nations Population Fund (UNFPA), launched the biography of Rafael “Paeng” M. Salas. “Mr. Population,” as Salas was affectionately known, was one of the first Filipino advocates who made the crucial links between population and development, and sexual and reproductive health and rights, globally and in the Philippines. “Parents have a basic human right to determine freely and responsibly the number and the spacing of their children,” he said in 1968, a truly novel statement for the time. Titled A Millennial Man for Others: The Life & Times of Rafael M. Salas, the book chronicles his life from childhood to his achievements until his untimely death in 1987. The book is written by Jose Dalisay and Carmen Sarmiento. Had Salas been alive today, it would have warmed his heart to see that the fruits of his efforts have finally become more evident with the passage of the Responsible Parenthood and Reproductive Health Act, and the commitment of the present administration to reproductive health and family planning as evidenced by the revamped National Program on Population and Family Planning, and the President’s executive order to end unmet need for family planning. Undersecretary and Popcom Executive Director Dr. Juan Antonio A. Perez III said the commission has been constantly bringing to the consciousness of local government units and the Filipino people alike the seeds of development work that
Salas planted when he drafted the executive order that would create Popcom in 1969. In step with the new millennium, Popcom will soon launch the Kaunlarang Pantao Award, using Paeng Salas’s inspiration of development for the people. Salas was also the first executive director of UNFPA. He oversaw the birth of the organization in 1969, nurtured it with care, and imbued it with his foresight and vision. “It is an honor for us to carry on Rafael Salas’s legacy at UNFPA in this historic 50th anniversary year of UNFPA and the 25th anniversary year of the landmark International Conference on Population and Development [ICPD], where Salas’s vision became a global consensus when 179 governments including the Philippines agreed on a call for all people to have access to comprehensive reproductive health care, including voluntary family planning, and safe pregnancy and childbirth services,” said UNFPA Representative in the Philippines Iori Kato. Salas’s legacy continues to this day. In November, the Governments of Kenya, Denmark and UNFPA are convening a global summit in Nairobi to mark the 25th anniversary of the ICPD, for member-states to express their renewed political and financial commitments toward the promises that they had made in Cairo 25 years ago to support women empowerment through three transformative results: ending unmet need for family planning, ending preventable maternal deaths and ending gender-based violence.
e
LEO (July 23-Aug. 22): Be reluctant to make a change that could pose a risk. Someone will try to convince you that you have nothing to worry about. Personal loss due to unexpected last-minute changes will leave you high and dry. HHH
f
VIRGO (Aug. 23-Sept. 22): A change will do you good. Traveling for business or educational purposes will be informative. A positive attitude will win favors and help you reel in the support you need to move forward with your plans. Social and family time are encouraged. HHH
g
LIBRA (Sept. 23-Oct. 22): Listen to the advice offered. Someone with more experience will offer interesting alternatives. Consider the best way to move forward without jeopardizing your life physically, financially or emotionally. HHH
h
SCORPIO (Oct. 23-Nov. 21): Give-andtake will work wonders for you. Know what you want and what’s expected of you, and prepare to negotiate on your own behalf. You have plenty to gain if you use your imagination and offer innovative alternatives. HHHH
i
SAGITTARIUS (Nov. 22-Dec. 21): Work hard and protect your position, reputation and assets. Someone you thought you could trust will disappoint you. Share only what you feel is necessary. HHHH
j
CAPRICORN (Dec. 22-Jan. 19): Take care of business. Don’t leave anything undone. Bring about the changes that will make you feel good. Accomplishment deserves to be rewarded. Choose to celebrate with someone who shares your victory and supports your effort. Romance is highlighted. HHHHH
k
AQUARIUS (Jan. 20-Feb. 18): Just do what has to be done. Don’t fall into someone’s trap and take on responsibilities that don’t belong to you. Stay focused on what will benefit you the most and avoid getting involved in someone else’s mess. HHH
l
PISCES (Feb. 19-March 20): Listen to what’s being said and speak on your own behalf. Stand up for what you believe in and challenge anyone or anything you feel is unjust or detrimental to your life, environment or future prospects and prosperity. HHHHH BIRTHDAY BABY: You are innovative, perceptive and resourceful. You are dedicated and assertive.
‘digital divide’ BY BRIAN THOMAS The Universal Crossword/Edited by David Steinberg
ACROSS 1 Records on VHS 6 Bachelorette party band? 10 Many a stocking stuffer 13 God referenced on Iran’s flag 14 ___ vera 15 No. 1 choice 16 Place for gum and gums (last 2 letters...) 17 They have ribs (...+ first 3) 19 Silence, as a Twitter user 20 Lovelace of math 21 Ice-skater’s leap 22 “Fine by me” (last 3 letters...) 25 Ophthalmologist’s offerings (...+ first 2) 28 Yellowfin 29 Free-throw paths 31 “Gah!” 32 Bring down 34 Corp. top dog 35 Smooch, to Selena 36 Egypt structure (last 3 letters...) 38 South Bay Lakers’s former org. (...+ first 3) 40 GPS input, slangily
1 Pull to a mechanic 4 43 Counterpart of “global” 44 Two Truths and a ___ 45 Counting rhyme start 46 Calligraphy supply 47 Entertainer Cheech (last 3 letters...) 49 Rewards for kindergartners (...+ first 1) 54 Boot brand 56 Fannie ___ 57 Don’t include 58 Went driving (last 3 letters...) 61 Home of many Shinto shrines (...+ first 2) 62 Canal zones? 63 Remain unsettled 64 Lost cause 65 What’s up a magician’s sleeve 66 Pesters 67 ___ Malone (gangster flick) DOWN 1 Singer Terrell 2 One way to read 3 Dwarf planet beyond Neptune 4 Eroded 5 “Zip it!”
6 Riyadh resident 7 Old-school weather report 8 Weep 9 Queen of the Greek gods 10 Longest Nascar track 11 Eggs in a petri dish 12 “Of course!” 15 Show off biceps, say 18 Dating history figures 20 “Y’all concur?” 23 Not us 24 Historic plaintiff ___ Scott 26 Iraqi city on the Tigris 27 Tennis court squeaker 30 Smash into each other 32 LPGA star Ko 33 Girl Scout cookie sheet? 35 News segment segue 36 Tree on a Malibu bottle 37 Ding-___ 39 Really long times 42 Alphabetically last state 45 One-named Irish singer 48 Annoys 50 Succeeds, as a joke 51 In the thick of
2 Religious ceremonies 5 53 “End of ___!” 55 Cornhole channel 58 Chai, e.g. 59 Boat propeller 60 Fried rice bit 61 Clandestine USSR org.
Solution to yesterday’s puzzle:
Show BusinessMirror
www.businessmirror.com.ph
Tuesday, September 10, 2019
RWM features Lea Salonga in two-night ‘Perfect Ten’ concert MANY have followed the illustrious career of one of the country’s premier theater actresses, Lea Salonga—from when she first performed onstage in Annie in 1980 to how she landed her iconic role as Kim in Miss Saigon, for which she won a Tony Award and a Laurence Olivier Award. The world also applauded Lea’s performances as Eponine and Fantine in Broadway’s Les Misérables, as she achieved another milestone in her career being the first actress of Asian background to play the coveted roles. Lea marks a very special occasion as she performs two nights of enchanting music at the award-winning Newport Performing Arts Theater (NPAT) to celebrate Resorts World Manila’s (RWM, www.rwmanila.com) 10th anniversary in Perfect Ten. RWM, the country’s pioneering integrated resort that offers a wide array of lifestyle and entertainment alternatives for its guests, welcomes back Lea after the star was named as the integrated resort’s featured performer in its first Grand Fiesta Manila celebrations during RWM’s maiden year in 2009. From then on, Lea has made several performances at the NPAT and the Marriott Grand Ballroom, particularly as a headliner for the Grand Countdown to 2017 party. Together with her special guests, Lea promises a back-to-back performance that will wow theater enthusiasts and music fans alike. Listing a repertoire of musical theater hits, along with unforgettable theme songs from our favorite movies and the best of OPM, Lea channels her stellar talent to define a journey that spans a decade of thrills that only RWM can deliver. Joining the theater royalty onstage are her handpicked guests for Perfect Ten, including Esang de Torres, Nicole Chien and stage actress Tanya Manalang who will each get a chance to shine with Lea in featured duets. Another star audiences should watch out for in Perfect Ten is singer, stage actor and writer Michael K. Lee, who starred alongside Lea in Miss Saigon and, more recently, in Allegiance. The versatile artist in Lee has landed him notable roles in the musicals Pacific Overtures, Jesus Christ Superstar and Rent, among others. Perfect Ten is presented by Resorts World Manila in cooperation with Ultimate Shows Inc. and Full House Theater Co. Inc., featuring stage direction by Floy Quintos, musical direction by Gerard Salonga together with the ABS-CBN Philharmonic Orchestra.
LEA SALONGA
BILL SKARSGARD as Pennywise in New Line Cinema’s horror thriller It: Chapter 2, which debuted as the No. 1 movie in North America with an estimated box-office haul of $91 million.
‘It: Chapter Two’ scares up $91 million with debut
L
By Lindsey Bahr The Associated Press
OS ANGELES—A robust audience turned out to catch It: Chapter Two in movie theaters this weekend, but not quite as big as the first. Warner Bros. says on Sunday that It: Chapter Two, the only major new release, earned an estimated $91 million from North American ticket sales in its first weekend from 4,570 screens. Trailing only its predecessor that debuted to a record $123.4 million in September 2017, the launch of It: Chapter Two is the second highest opening for a horror film ever and the month of September, which before It was not a strong month for blockbusters. Both were directed by Argentine filmmaker Andy Muschietti. Jeff Goldstein, who oversees domestic distribution for Warner Bros., called the debut “sensational” and isn’t concerned that Chapter Two didn’t hit the heights of the first. “How many movies open to $91 million? That was lightning in a bottle,” Goldstein said. “You don’t get lightning in a bottle twice. You get close though.”
Based on Stephen King’s novel, It: Chapter Two brings the Losers Club back to Derry 27 years later to take on the demonic clown Pennywise, and stars James McAvoy, Jessica Chastain and Bill Hader as a few of the adult “losers.” The sequel cost around $79.5 million to make. Reviews were a little more mixed than for the first—86 percent versus 64 percent on Rotten Tomatoes—but audiences were consistent. Both films got a “B+” CinemaScore. “Andy Muschietti does an incredible job of scaring the stuffing out of audiences,” Goldstein said. “I think our team, starting with New Line in making this and our marketing team in bringing it to audiences around the globe, have hit the mark right on. They nailed it.” ComScore Senior Media Analyst Paul Dergarabedian noted that, unlike most horror films which tend drop off significantly after opening weekend, It: Chapter Two, like its predecessor and some of the recent high quality horror films could have “incredibly long playability.” It: Chapter Two is also a big win for Warner Bros., which had a few disappointments this summer with The Kitchen and Shaft, but also have a few films that could really take off, including Joker, out October 4, and another King adaptation, Doctor Sleep, out November 8. The rest of the top 10 was populated by holdovers: Angel Has Fallen took a distant second with $6 million and Good Boys placed third with $5.4 million. In limited release, the documentary Linda Ronstadt: The Sound of My Voice performed well in its first weekend, grossing $115,500 from seven locations. After a down summer for the industry as a whole and a year that is still running 6 percent down, It: Chapter Two is a promising start to the fall movie season, which runs from the day after Labor Day weekend through November. “It’s really important to have a movie to get the
First day of school for 4-year-old UK Princess Charlotte LONDON—Britain’s Princess Charlotte had plenty of support on her first day of school—she was accompanied by older brother Prince George and her parents, Prince William and his wife Kate, the Duchess of Cambridge. William said on Friday their four-year-old daughter was “very excited” on her first day at Thomas’s Battersea in London. Charlotte seemed a bit hesitant as she entered the schoolyard for the first time holding the hand of her mother. Six-year-old George has already been at the school for two years. William told one of the head teachers: “First day. She’s very excited.” AP
D3
BRITAIN’S Princess Charlotte (left), with her brother Prince George and their parents Prince William and Kate, Duchess of Cambridge, arrives for her first day of school at Thomas’s Battersea in London, on September 5. AP
momentum going,” Dergarabedian said. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. It: Chapter Two, $91 million ($94 million international) 2. Angel Has Fallen, $6 million ($7.6 million international) 3. Good Boys, $5.4 million ($2.3 million international) 4. The Lion King, $4.2 million ($13.4 million international) 5. Overcomer, $3.8 million 6. Fast & Furious Presents Hobbs & Shaw, $3.7 million ($15.7 million international) 7. The Peanut Butter Falcon, $2.3 million 8. Scary Stories to Tell in the Dark, $2.3 million ($701,000 international) 9. Ready or Not, $2.2 million ($2.3 million international) 10. Dora and the Lost City of Gold, $2.2 million ($2.3 million international). Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. It: Chapter Two, $94 million 2. Fast & Furious Presents Hobbs & Shaw, $15.7 million 3. The Lion King, $13.4 million 4. Once Upon a Time In Hollywood, $13 million 5. Ne Zha, $8.1 million 6. Angel Has Fallen, $7.6 million 7. Toy Story 4, $4.9 million 8. The Angry Birds Movie 2, $4.4 million 9. Free Solo, $3.3 million 10. 2.0, $2.6 million. n
BELLAS ARTES PROJECTS SHOWCASES ‘MISS’ PERFORMANCE BY JOSH SERAFIN BELLAS Artes Projects (BAP) presents Miss, a work-in-progress by dancer and performer Josh Serafin (Philippines/Belgium) which unpacks codes of representation and performativity found in the established world of transgender beauty pageantry in the Philippines, and looks closer into the rigor and choreography in subculture and rural pageantry; where queerness explodes fixed categorization of femininity and fantasy. Serafin traveled to Cebu City and Bacolod City to research the history and meet with organizers of Queen Philippines 2019—the grandest beauty pageant for transgender women in the country—and Linay Sang Negros, respectively. Interviews and movement training with past winners and contestants inform and serve as inspiration for Miss, an hour-long performance that pushes the boundaries of femininity, sex and gender. The show is supported by Eljay Ricafranca Villafuerte a.k.a. Ms. Tornado Walk, Siege Sytangco and Cary Santiago.
Serafin’s BAP residency is supported by Mercedes Zobel. The performance will take place on September 11, 8 pm, at BAP Outpost, The Alley at Karrivin, 2316 Chino Roces Avenue, Makati. The event is free and open to the public. More information is available at www. bellasartesprojects.org.
D4
Art
BusinessMirror
Tuesday, September 10, 2019
Jason Montinola at BenCab Museum’s Gallery Indigo THE human mind experiences a phenomenon called Apophenia: a unique capacity to cognitively fill in patterns and substances in areas where no image exists. As we step into the darkness, our retinas adjust. The human eye is a marvel that has the strength to make sense of images in a dark room. We tiptoe across the floor according to where objects are, in our best efforts to intercept recklessness in a sea of bleakness. As we become a friend to empty spaces and missing information, our arrogance, fueled by our knowledge and contextual prowess, overrules what is observable by the naked eye. In Through the Depths of Space, painter Jason Montinola tests your arrogance in filling in the emptiness. Montinola uses space as a platform to manipulate the viewer’s senses. The use of darkness as a tool to illuminate subjects has been used as a visual device as early as the 1400s. This was later on brought to mainstream use in the late 16th to 17th century. Montinola uses this as an offshoot for his current body of work. He extrapolates the technique and merges it with abstraction, and by explicitly directing what needs to be withheld. The gratuitous use of black in Montinola’s Altered Perspective gives the viewer a sense of never-ending depth. Three figures in varying heights toy with man’s automatic perception of thinking in 3s: the Holy Trinity, the philosophical trichotomy, 3 as a sense of worldly balance, among many other things. This preconceived notion, coupled with the play of darkness and light, assigns sacredness to the work despite the absence of its implication. Montinola’s ingenuity of withholding information relies on man’s stubborn nature to fill in the blanks. Never a stranger to Christianity, it is instinctive to identify Cross Line as a religious picture: the wooden plank, the pale complexion, the loincloth, the seemingly symbolic lines, and the title. Upon closer inspection, any information regarding a holy figure is never given. An image could be as pagan as it is sacred. Through the Depths of Space invites viewers to take hold of their power to create a narrative based on what they know. Montinola grants viewers the sovereignty to make sense of what is absent. Museum visitors can also view Philippine Revolutionary Army and World War II Soldiers in the Philippines by Dan H. Dizon at the Sepia Gallery. Both exhibitions are on view until September 29. BenCab Museum is on Km. 6 Asin Road, Tuba, Metro Baguio. It is open Tuesday to Sunday, from 9 am to 6 pm. It is closed Mondays, Christmas Day and New Year’s Day. More information is available at (074)442 7165 or 09205301954, or www.bencabmuseum.org.
www.businessmirror.com.ph
‘Garapata’ used to have hands CIRCLES JT NISAY
jtnisay@gmail.com
B
EFORE its mischievous squint through manifold forms darted from bus seats, electric posts, tote bags and shirts, the signature character of visual artist Dex Fernandez had more limbs than just feet. Garapata is a cartoon critter that crawled its way in public spaces and became one of the more prominent and versatile figures in the local street art scene. With a recognizable base appearance of wide, expressive eyes, sharp nose, smiling mouth and 5 feet, Fernandez affords to morph and scale the character in infinite ways without losing touch of its essence. Garapata has been stickered on car windows, painted as a mural and superimposed over pornographic images, but always manages to keep its identity afloat. The versatility of the character is enabled by its identifiable basic form, which Fernandez said is a product of evolution, one guided by his advertising sensibilities.
“’Yung una niyan may mga kamay pa siya, minsan may buhok, pero parang very busy,” said the artist, who studied advertising at the Technology University of the Philippines. “Kaya naisip ko na lang i-simplify. For branding.” Fernandez got the idea for the character from a childhood activity, when he and his brothers loused their dogs at home. The sight of lice scattered on the floor, creeping their way to safety or to another host, became so indelible that he thought of adapting it to his art. “Kasi ’di ba ’yung idea naman ng graphiti is i-spread mo ’yung piece mo, so sabi ko parang pasok dun ’yung idea ng garapata,” he said. “Kumakalat sa bahay namin, eh di ikalat natin sa kalye.” Aside from spreading the image of Garapata around and even outside the country, Fernandez showcases his art indoors. He participates in gallery exhibits with primarily photograph-based works and paintings, marked by eclectic compositions, including the juxtaposition of religious iconography with pop imagery. Fernandez intentionally separates his style and function as a street artist and a gallery artist to, in his words, maintain balance. The two, however, converge in his ongoing 18th solo show, titled 22ESB75CC, at Finale Art File in Makati City. The exhibition is a homecoming of sorts, with not only the meeting of Fernandez’s two titles in one space, but also the bringing together of all of his artistic experiments. Showcased in the exhibit are prints and murals, as well as Garapata balloons
WALL TO WALL The cartoon critter of Dex Fernandez, plainly called Garapata, invades Finale Art File in Makati City for the artist’s ongoing 18th solo show, titled 22ESB75CC.
scattered all over the floor and wallpapers in an unprecedented scale. The show also recounts the eventful past two years of Fernandez, wherein he lost a parent, got involved in an assault, and pinned by a serious medical condition. “The title of the show is actually derived from our home address, kasi during those two years, ’yung bahay namin ’yung naging refuge ko,” he said. “Minsan dun din ako nakakakuha ng depression dahil nakikita ko si ermat na may sakit, so lalabas ako kahit hindi ko alam kung saan ako pupunta. Pero, at the end of the day, ’yung bahay pa rin ang pupuntahan ko. ’Yun ang sanctuary. Doon pa rin ako kumukuha ng lakas.” During the show’s opening last week, the emotional message was buried under the beats of a DJ playing a live set, and a funky dancing light show at the corner of the floor. The apparent denial of the artist’s somber mood is extended to the right of the projected image, where a long strip of black paper is drawn with creatures of monochromatic illustration and psychedelic energy. But as the viewer walks toward the end of the piece, the figures start to tame and eventually disappear, until only lines and dots remain. At the very end, on the final plane, is a figure of a man, crouched in a fetal position, alone in the void. Fernandez said that everything in show was only made to compliment one piece: the picture of a house, which is drawn over with a colorful image of a spider web. At its center is a man, his arms placed over a woman’s shoulder. Home. n
THE PLACES IT’LL GO: DR. SEUSS EXHIBITION HITTING THE ROAD BOSTON—Dr. Seuss is hitting the road this fall with a large interactive exhibit that will immerse visitors in some of the most iconic books by the beloved children’s writer. The exhibit is centered on a maze based on Oh, the Places You’ll Go! the Dr. Seuss book that urges children to explore the world and move mountains despite the pitfalls and challenges. Children and adults will be able to explore rooms based on The Cat in the Hat, The Lorax, Did I Ever Tell You How Lucky You Are? and other works. The 15,000-square-foot (1,400 square meters) exhibition announced publicly Wednesday is scheduled to open in Toronto in October. There are plans to take it to Boston, Seattle, Houston and several other North American cities. “I wanted to explore the books and bring the characters to life in a new and engaging way,” said Susan Brandt, president of San Diego-based Dr. Seuss Enterprises, the company founded by Audrey Geisel, the late widow of Theodor Seuss Geisel, who under the pen name Dr. Seuss wrote and illustrated dozens of children’s books. Because the exhibit is based on Geisel’s children’s books, there are no references to his earlier and more controversial political cartoons. The maze inspired by Oh, the Places You’ll Go! features thousands of suspended balloons. Visitors entering The Lorax room can wander through a forest of truffula trees. The If I Ran the Circus room features a working carousel, while Horton Hears a Who! consists of a field of waist-high pink clover. The exhibit is a partnership between Dr. Seuss Enterprises and Kilburn Live, a division of Los Angeles-based entertainment company Kilburn Media. The Dr. Seuss Experience, more than two years in the making, is unlike anything the company has ever been involved in before, and that’s what attracted
Kilburn to the project. The exhibit is not just about promoting literacy but about the pro-social messages in Dr. Seuss books, Kilburn founder and CEO Mark Manuel said. The Lorax teaches environmental stewardship, while The Sneetches and Other Stories teaches tolerance and individuality, he said. Another aspect is that the exhibit will change in every city. Some rooms will be flipped out to be replaced by rooms based on other Seuss classics. The rooms will even change based on the time of year, with a How the Grinch Stole Christmas room planned for the holiday season. “Our goal is to have children shriek with joy,” Manuel said.
A FIELD of clover, from Dr. Seuss’s book Horton Hears a Who!, that will be incorporated as part of a touring immersive attraction tied to the work of the famous late author and illustrator of children’s books. AP
TITO CUEVAS’S ‘IN BOLD STROKES’ AT ALLIANCE FRANÇAISE DE MANILLE
ALLIANCE Française de Manille, in partnership with Metro Gallery, presents Tito Cuevas: In Bold Strokes, a book by Dr. Teresita G. Maceda which wonderfully captures the life and art of the artist. The book is accompanied by an art exhibition of the works by the late Cuevas from the collection of his family. The public exhibition is open until September 14. Tito Cuevas: In Bold Strokes, by Dr. Teresita G. Maceda, wonderfully captures the life and art of Tito Cuevas. The exhibit is a visual supplement to the book, a tribute to a man who once said, “There is nothing more beautiful than speaking and expressing yourself without saying a word.” Through her masterfully strung narrative in Tito Cuevas: In Bold Strokes, Dr. Maceda allows us glimpses not only of the art but also of the person of the late Cebuano abstract expressionist Wenceslao Regala “Tito” Cuevas Jr. It is fitting tribute to a man who wanted to be remembered for his humanity above all else. In writing about Tito Cuevas, Dr. Maceda transports us from the land of Malantic—Tito’s roots in Pampanga—to the carefree young man sent to study in Manila who carries the reader with him on the impulsive flight to Cebu. There, he eventually settled and became the respected man and uncompromising artist that he was. This exhibition, which serves to accompany the book, offers but a sampling of his art, a testament to the prolific artist that Tito was. It is meant to be a visual supplement to the book, a platform which aims to give Tito a voice once again. Alliance Française de Manille is at 209 Nicanor Garcia Street, Bel-Air 2, Makati City.